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Saturday 22nd of May 2010

News Tag: services sector

May 17, 2010

Economic fears as volcanic ash returns to UK airspace

by Kay Murchie
”Economic
Sir Richard Branson is calling for urgent intervention to avoid damage to the UK economy after some airports were closed again at the weekend, due to the return of the volcanic ash cloud. Airports across the country closed from 1:00pm yesterday after the Civil Aviation Authority (CAA) extended its no-fly zone due to the ash cloud being blown above ...



May 6, 2010

UK services sector activity hit by volcanic ash cloud

by Kay Murchie
”UK
Activity in the UK’s closely-watched service sector slowed in April, hit by the volcanic ash cloud which disrupted businesses. Furthermore, activity was hit by concerns about the outcome of the general election, according to analysts. The latest activity index from the Chartered Institute of Purchasing and Supply (CIPS)/Markit PMI showed a reading of 55.3 in April, down from 56.5 the ...



April 8, 2010

Fed cautious about housing and jobs market

by Kay Murchie
Fed cautious about housing and jobs market
Federal Reserve chairman, Ben Bernanke, issued caution yesterday highlighting the fragile state of the US housing and labour markets. Mr Bernanke of the US central bank said: "We are not out of the woods yet" but did recognise that the economy has emerged from its worst recession in decades. His comments come despite positive data in the last week which has ...



April 7, 2010

Double-dip recession avoided in first quarter

by Kay Murchie
”Double-dip
Leading business group, the British Chambers of Commerce (BCC), has today said it has concerns for the UK economy but the recovery is "still on course". The BCC’s survey of more than 5,500 businesses showed that manufacturing sales were struggling, while new orders remained in decline. However, the business group said growth within the key services sector helped GDP to grow in the ...



April 6, 2010

US economy continues to deliver good news

by Kay Murchie
US economy continues to deliver good news
The world’s largest economy received a further boost today after the services sector posted better than expected growth in March. The massive services sector, which makes up around two-thirds of US economic activity, grew at its fastest pace since May 2006. According to analysts, the expansion within the sector suggests strong future growth in consumer spending and overall employment. The Institute for Supply ...



February 4, 2010

BoE expected to leave interest rates on hold and halt QE

by Kay Murchie
”BoE
The Bank of England’s Monetary Policy Committee (MPC) is today expected to keep UK interest rates on hold at the historically low level of 0.5% for the eleventh month in a row. In addition, many analysts expect the Bank to pause its quantitative easing (QE) scheme. Economist Allan Monks of JP Morgan said there remained a "25% chance" ...



February 3, 2010

UK services sector activity dips in January

by Kay Murchie
”UK
The key services sector slowed in January as a result of bad weather and the VAT rise, according to analysts. The latest activity index from the Chartered Institute of Purchasing and Supply (CIPS)/Markit PMI showed a reading of 54.5 in January from the 56.8 in December - however, any reading above 50 indicates growth. The reading was less than analysts expectations of ...



January 7, 2010

Positive economic data boosts hope for end to recession

by Kay Murchie
”Positive
The key services sector reported growth during December according to the latest activity index from the Chartered Institute of Purchasing and Supply (CIPS). The index showed a reading of 56.8 in December, up from 56.6 in November - any reading above 50 indicates growth. Not only was the figure slightly above economists' forecasts, it was just under the 27-month high ...



November 4, 2009

Growth in UK services sector boosts economy hopes

by Kay Murchie
”Growth
The Chartered Institute of Purchasing & Supply's Purchasing Managers' Index has posted a reading of 56.9 on services activity in October, up from 55.3 in September. The reading of 56.9 was the highest since August 2007 and beat analysts expectations of 55.5. Furthermore, October’s reading represented the sixth consecutive month the sector has shown an increase above the crucial 50 mark ...



October 23, 2009

UK economy fails to emerge from recession in Q3

by Kay Murchie
”UK
The Office for National Statistics (ONS) has today unveiled some disappointing news after it has emerged that the UK economy shrank by 0.4% in the July to September period, meaning the country is still in recession. However, it must be noted that today’s figures could still be revised up or down at a later date, since the 0.4% figure ...



August 6, 2009

UK interest rates remain unchanged at 0.5%

by Kay Murchie
”UK
The Bank of England has elected to keep interest rates unchanged at 0.5% today for the fifth month in a row. Rates currently stand at the lowest level since the Bank was established over 300 years ago. Meanwhile, the Bank has announced plans to increase its quantitative easing (QE) programme to £175 billion - a rise of £50 billion. QE, also known ...



August 5, 2009

Pound continues to rise against US dollar following positive economic news

by Kay Murchie
”Pound
Sterling is continuing to climb against the US dollar on the back of renewed optimism within the UK economy. News released today sent the pound back above the $1.70 mark - its highest level since October last year. According to the Office for National Statistics, industrial output rose unexpectedly in June by 0.5% compared with May. While it ...



June 4, 2009

Interest rates widely expected to remain unchanged

by Kay Murchie
”Interest
The Bank of England's interest rate setters are widely expected to keep interest rates on hold today at the record low of 0.5%. Should interest rates remain unchanged, it will be the third consecutive month at the current rate - the bank’s lowest since it was established over 300 years ago. Prior to April, the Bank embarked on aggressive cuts over recent ...



June 3, 2009

Rise in UK’s service sector is good news for economy

by Kay Murchie
”Rise
The Chartered Institute of Purchasing and Supply's (CIPS) services survey has revealed that the services sector has risen for the first time in a year. The sector, which makes up for more than two thirds of the economy, consists of services such as restaurants, cinemas, sports venues and leisure centres. The survey’s headline reading rose from 48.7 in April ...



December 3, 2008

UK services sector hits new low, calls for aggressive rate cut

by Kay Murchie
”UK
The UK services sector, which is the backbone of the economy, is declining at a record rate as the closely monitored Purchasing Managers' Index (PMI) fell to 40.1 in November from 42.4 in October, the lowest level and fastest decline since the survey started in 1996. The index monitors everything from output to orders and jobs and ...



October 3, 2008

Recession fears as Britain’s services sector contracts

by Kay Murchie
”Recession
The Chartered Institute for Purchasing and Supply (CIPS) has revealed that Britain’s services sector shrank in September at the fastest rate since records began 12 years ago, adding to fears that a recession is unavoidable. The CIPS index shows service sector activity fell to 46, a figure of less than 50 indicates contraction. The news follows that from the CIPS ...