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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