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UK service sector activity increases in December

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  • Tip Bones

January 06, 2020 04:30pm GMT+07:00

The United Kingdom service sector saw an increase in business activity in December, according to the IHS Markit and Chartered Institute of Purchasing and Supply report released on Monday. The seasonally adjusted UK Services PMI stood at 50, up from November's figure of 49.3.

The report noted that business optimism stood at the highest level since September 2018 and new orders rose at the fastest pace since the summer of 2019. "Service companies widely commented on delayed spending decisions and a headwind to sales from domestic political uncertainty in the run-up to the general election. With manufacturing and construction output also subdued in December, the latest PMI surveys collectively signal an overall stagnation of the UK economy at the end of 2019," Tim Morre, associate director at IHS Markit, stated.

Meanwhile, the IHS Markit/CIPS UK Composite Output Index remained unchanged from November at 49.3, marking the joint-lowest reading since July 2016.