Seeking Alpha

U.K.'s services sector roars ahead

  • U.K. services PMI jumped to its highest level in 16 years in October, rising to 62.5 from 60.3 in September.
  • The data adds to strong manufacturing and construction surveys, helping to send the all-sector PMI - a measurement of business activity across the U.K. private sector - to an all-time high of 61.5 vs 60.2 a month earlier.
  • In the services sector, backlogs of work and employment increased markedly, although cost inflation accelerated due to higher utility and wage bills.
  • The latest PMI data is consistent with quarterly GDP growth of 1.3% and private-sector job creation of over 100,000 positions.
  • The pound takes a jump and is +0.4% to $1.6036, although the FTSE, which was already lower, falls further and is -0.65%. (PR)
  • ETFs - Stocks: FKU, EWU, EWUS, DXPS. Currency: GBB, FXB.
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