I expected the services PMI to be red today based on the recent GDP report and the fact that the services PMI in October was a 17 month low.
UK service sector grew to 58.6 beating the estimated 56.6 and October`s 56.2. Anything above 50 indicates an expansion in the economy.
The key points of the report are:
- Activity and new business both rise at a sharper rate.
- Employment continues to increase as capacity constrain persist.
- Higher wage bill push up operating expenses, but low fuel prices limit inflation.
Check out the full report here.
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