The UK services industry gained momentum in October, recording its strongest expansion in eight months as businesses experienced a sustained improvement in new orders. The increase in demand encouraged companies to resume hiring, marking the first rise in employment in slightly more than two years. Business confidence also strengthened, reaching its highest point since February.
The seasonally adjusted S&P Global UK Services PMI Business Activity Index climbed to 52.8 in October, compared with 52.1 in September. This marked the highest reading since February and indicated continued growth in service sector output. Although activity has expanded for four consecutive months, the latest figure remained below the historical average of 54.2, suggesting that the recovery is still moderate … (full story)
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