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UK Service Sector Contracts First Time In Two Years

Jan 04 2013
By
Forexbrokerz.com

UK's service sector activity declined for the first time in two years in December as incoming new work dropped marginally amid reports of a challenging trading environment, data from a survey by Markit Economics and the Chartered Institute of Purchasing and Supply (CIPS) showed Friday.

The seasonally adjusted purchasing managers' index for the service sector dropped to 48.9 in December from 50.2 in November. The index dropped below the no-change 50 mark - which separates growth from contraction - for the first time since December 2010.

Driving the overall reduction in activity, new business received by service sector firms decreased for the second successive month, though at a marginal rate. The fall reflected a general reluctance amongst clients to commit to new business spend, especially at a time of relative economic uncertainty.

A net reduction in staffing numbers was recorded in December, for the third time in the past four months. Input price inflation picked up from November's six-month low to a marked pace in December, while output prices remained broadly unchanged.

Data showed that confidence among British services providers remained unchanged in December from the previous month's 11-month low.

The material has been provided by Instaforex Company - instaforex.com
TAGS: UK  Service  Sector  Contracts  First  Time  In  Two  Years   

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