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Service sector continues recovery

Oct 05 2009

Activity in the service sector expanded at its fastest rate in two years as demand continues to improve, says the Chartered Institute of Purchasing & Supply (CIPS).

The CIPS/Markit Business Activity Index reported the highest growth figures in two years, up to 55.3 from 54.1 in the previous month. Growth has now been sustained for five successive survey periods.

David Noble, chief executive officer at CIPS, says: ‘The UK services sector is really bouncing back and regaining further ground. However, this isn’t a consistent picture across the UK services economy. Though we’re starting to see a turnaround in the hospitality sector, some sub-sectors – such as transport and storage – are still in decline.’

Paul Smith, senior economist at financial specialists Markit, adds: ‘With households and businesses continuing to rebuild their balance sheets, and the positive effects of loose fiscal and monetary policy likely to fade over time, the scenario of an anaemic growth path remains the best forecast at the present time.’

According to the Institute for Chartered Accountants in England and Wales (ICAEW), confidence among business professionals has turned positive for the first time in two years.

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