Solid Growth can be Seen in the Service Sector of UK this September
According to latest report, strongest service sector has been seen in Britain, as compared with the past 16 years.
The survey reported that the UK's service sector has posted solid growth in the country's housing market, the previous month.
In the survey of manufacturing and construction done in the previous week, there seems to be a drastic growth in the jobs sector in the month of September.
Some changes in the income and chargeable hours worked can be observed over the third quarter, when compared with the previous month's index. This is the highest level achieved since the second quarter of 1997, said Markit/CIPS Purchasing Managers' Index (PMI).
Chris Williamson, chief economist at survey compilers Markit, said that this growth is due to an increase in the housing market activity along with an increase in the business sector.
"Consumer-facing services continue to struggle, reflecting the ongoing squeeze on incomes due to weak pay growth and high inflation", said Chris Williamson.
A survey was done in the service sector by about half of the firms. They declared that a fast trade can be seen in the Britain's output market. They said that the market has achieved its highest outlook index of 71.8, which is more than the three quarters of the UK market.
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