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UK service sector recovers from 11-month low


Growth in the UK’s service sector picked up slightly in September, according to a closely-watched survey.The Markit/CIPS purchasing managers’ index (PMI) for services rose to 53.6, up from an 11-month low of 53.2 in August. Above 50 indicates growth. However, the UK still lags behind the eurozone, where services PMI grew strongly to 56.7 last month. IHS Markit said rising costs meant average prices in the UK were at their highest since April.The “price pressures will pour further fuel on expectations” that the Bank of England will soon raise interest rates, said Chris Williamson, chief business economist at IHS Markit.
Source: BBC