Last month’s Markit/CIPS Purchasing Managers’ Index (PMI) for the country’s service sector was 58.2, which puts it above the 50 level that shows expansion. The survey also said that job creation in the industry was showing its highest growth in four months.
While the PMI for February was lower than January’s 58.3, growth is still clearly strong. Along with this the survey found that confidence within the sector is at its highest level since September 2009. This comes as UK businesses in general have seen an increasingly positive outlook for the future.
Markit’s chief economist, Chris Williamson, said, “Alongside vibrant growth in manufacturing and construction, the upbeat picture of the services economy points to the country enjoying another quarter of robust economic growth of approximately 0.7%.”
This expansion is having a positive knock-on effect within the sector. Employee levels have been increasing and are growing at their fastest rate since October. Markit have also said businesses are going to spend more money on marketing and put extra effort into expanding themselves.
Photo by West Midlands Police.