According to economists, yesterday’s services sector figures could result in the delay of interest rate hikes. Growth in the UK’s closely-watched service sector slowed in February, figures revealed yesterday. The sector accounts for around 75% of Britain’s economic output. The Chartered Institute of Purchasing and Supply (CIPS)/Markit purchasing managers’ index (PMI) fell to 52.6 in [...]
A survey has revealed Europe’s powerhouse, Germany, continue to leads the recovery after the economy’s services sector rose to a 55-month high. Early findings from the business survey, Markit’s Flash Purchasing Managers’ Index for the 17-member nation rose to 55.2 in January from 54.2 in December, beating forecasts of a 54.3 reading. The index remains [...]
The European Central Bank (ECB) today elected to keep interest rates on hold at the historic low of 1% – where they have been since May 2009. Interest rates are expected to remain on hold until at least 2011, as a result of uneven growth and low inflation. The news comes after the Bank of [...]
Figures today have revealed growth in the euro zone’s service sector slowed last month, as growth in new orders remained weak. The Markit euro zone Services Purchasing Managers’ Index (PMI), fell to an 8-month low last month of 53.3, down from 54.1 in September. However, analysts had expected the index to fall to 53.2 but [...]
Growth in the UK’s closely-watched service sector accelerated in October but the outlook is cautious as companies worry about the impact of spending cuts. The latest index from the Chartered Institute of Purchasing and Supply (CIPS)/Markit PMI climbed to 53.2 in October, from 52.8 in September, confounding expectations of a 52.5 reading. However, the index [...]
It appears the recovery in the world’s largest economy is gathering momentum after figures revealed activity in the services sector beat expectations last month. The Institute for Supply Management’s (ISM’s) non-manufacturing index climbed to 53.2 in September, from 51.5 the previous month. Activity in the sector, which covers approximately 90% of economic output, was higher [...]
Credit rating agency, Moody’s, today warned it may downgrade Ireland’s credit rating again, due to its ailing banking system. In addition, the agency said weak economic growth and rising borrowing costs could lead to the further cut. In July, Moody’s cut Ireland’s sovereign bond rating to Aa2 from Aa1. Other agencies, Standard & Poor’s and [...]
Growth in the UK’s closely-watched service sector picked up in September from a 16-month low. The latest index from the Chartered Institute of Purchasing and Supply (CIPS)/Markit PMI climbed to 52.8 in September, from 51.3 the previous month, beating expectations of a reading of 51. However, the index remains above the crucial 50 level, which [...]
The Office for National Statistics (ONS) is scheduled to publish GDP figures for the second quarter today – the first G7 country to do so. Analysts expect growth of 0.6% for the April to June quarter – which would represent the strongest performance since before the credit crunch. Strong growth is expected to come from [...]
Figures released today revealed growth in the US services sector slowed in June and hit its lowest level since February. However, the vast services sector, which makes up around two-thirds of US economic activity, grew for the sixth consecutive month in June. The Institute for Supply Management (ISM) said its service index fell in June [...]
A survey by the British Chambers of Commerce (BCC) has revealed the UK economy is likely to have grown in the second quarter but serious concerns remain. The lobby group, which surveyed 5,600 businesses across the country, is forecasting growth of between 0.6% and 0.7% for the three months to the end of June. However, [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
M&S Money launches 3% cash ISA
M&S Money has launched an Advantage Cash ISA paying 3 per cent, and which allows transfers in from other ISAs. It can be opened with a minimum deposit of £100 lump sum followed by minimum monthly deposits of £25. The 3% rate is variable, but there is no short-term bonus so the return won’t plummet [...]
Google suspends UK Compare Mortgages site
Google has closed its UK mortgage comparison site which it launched in July last year, after it proved to be less popular than expected. Mortgage comparison sites are designed to allow visitors to compare mortgages quickly and easily without having to visit each lender’s individual site. Google was competing with several well-established comparison sites, including [...]
AA launches ‘black-box’ policy for young drivers
The AA is launching an innovative car insurance policy called Drivesafe which could help younger drivers save up to £850 a year. Younger drivers already pay substantially higher premiums than other motorists and these costs are increasing. A new study by Confused.com suggests insurance costs for younger driver have gone up by 5.7 per cent [...]
ATOL scheme updated to protect online bookers
ATOL, a financial protection scheme managed by the Civil Aviation Authority, is being extended to protect up to six million more holidays a year. The scheme ensures that holiday makers do not lose out financially if a travel company collapses, and that they are not stranded abroad. An increase in the number of holidays booked [...]
Home repossessions lowest for four years
The number of UK homes repossessed fell to 36,200 in 2011, significantly below the Council of Mortgage Lenders’ forecast of 40,000, and lower than 2010 when 37,100 homes were repossessed. With interest rates remaining low and lenders adopting a sympathetic attitude to customers in financial difficulty, repossessions fell to their lowest level since 2007. However, [...]
Monthly pay lasting just 17 days
Workers are running out of money just 17 days after receiving their monthly pay, according to new research by the Halifax bank. This means that the average UK worker spends half the month worrying about money. The study, based on the responses of more than 2,000 adults, found that 10 per cent of workers start [...]
Women disadvantaged by auto-enrolment changes
Government proposals to increase the auto-enrolment threshold to £10,000 could put 1.8 million women at risk of missing out on a pension, the TUC has warned. Under the auto-enrolment scheme, which will be phased in from October, private sector employers will automatically enrol workers between the age of 22 years and the state pension age, [...]
Emergency household repairs company Homeserve is taking longer than expected to get back on track after its operations were suspended last October. The company expected customer numbers to fall by 5% this year but it has increased this estimate to 8% and announced the loss of 200 jobs. It estimates that renewal revenue in 2013 [...]
Sale rumoured for Yorkshire and Clydesdale banks
There is growing speculation that National Australia Bank (NAB) may sell Yorkshire Bank and Clydesdale Bank after the Australian parent company announced a strategic review of the two banks’ operations. The Australian economy is performing well and NAB reported strong profits for the final quarter of 2011 but with the UK economy at a virtual [...]
More women experiencing debt difficulties
Women in Debt, which offers female-focused debt advice, has warned that the number of UK women facing serious debt has grown significantly over recent years. The organisation believes that more women will need advice on solving debt problems in the future because they are building up an unsustainable level of indebtedness. Women in Debt’s director, [...]
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