Services sector growth hits 29-month low
Signs of weaker conditions in the UK economy have emerged with new figures showing that growth the dominant services sector continues to slow.
Today’s purchasing managers’ index (PMI) report from Markit and the Chartered Institute of Procurement & Supply (Cips) reveals that September witnessed the third successive month of cooling output as some firms reported hesitation among clients in placing new contracts, linked to global economic uncertainty.
Although the 53.3 reading remains above the 50 level that separates growth from contraction, the figure was lower than the previous month’s 55.6 and indicates the weakest rate of growth since April 2013.