News Tag: services sector
February 4, 2010
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" ...
BoE expected to leave interest rates on hold and halt QE
by Kay Murchie
February 3, 2010
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 ...
UK services sector activity dips in January
by Kay Murchie
January 7, 2010
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 ...
Positive economic data boosts hope for end to recession
by Kay Murchie
November 4, 2009
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 ...
Growth in UK services sector boosts economy hopes
by Kay Murchie
October 23, 2009
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 ...
UK economy fails to emerge from recession in Q3
by Kay Murchie
August 6, 2009
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 ...
UK interest rates remain unchanged at 0.5%
by Kay Murchie
August 5, 2009
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 ...
Pound continues to rise against US dollar following positive economic news
by Kay Murchie
June 4, 2009
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 ...
Interest rates widely expected to remain unchanged
by Kay Murchie
June 3, 2009
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 ...
Rise in UK’s service sector is good news for economy
by Kay Murchie
December 3, 2008
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 ...
UK services sector hits new low, calls for aggressive rate cut
by Kay Murchie
October 3, 2008
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 ...
Recession fears as Britain’s services sector contracts
by Kay Murchie
