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Service sector growth slows down

3rd Feb 17 11:04 am

Why the sudden slow down?

Growth in the UK’s service sector slowed last month, this is according to a closely watched survey.

The Markit/CIPS purchasing managers’ index (PMI), recorded the slowdown in growth in the sector for the first time in four months.

In January, the index fell to 54.5, the previous month showed a reading of 56.2. Any reading above 50 still indicates that the sector is expanding.

Chris Williamson, chief business economist at IHS Markit, said: “Service sector growth eased after a strong end to 2016, but the January surveys still point to a buoyant start to 2017 for the UK economy,”

“Encouragingly, optimism about the coming year has risen to its highest in one-and-a-half years, improving across the board in all sectors to suggest that January’s slowdown may only be temporary.”

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