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Uk Services Pmi Post Surprise Drop, Lowest Since Nov; Firms Step up Hiring

UK Markit/CIPS PMI for the service sector fell to 53.3 in April from 55.3 in March, lowest since Nov
Better market conditions and a solid rise in new business boosted activity in the service sector in April - Markit
UK services expectations PMI 72.6 in April, highest since march 2010 from 71.3 in March
Hiring was also supported by a rise in confidence about the future to the highest level since March 2010

Quotes

"From what we are hearing from panelists, this certainly does not sound like an economy in recession,"

"The PMI surveys suggest that the economy will have expanded again in April, and that the recent gloomy official data pointing to a downturn in the first quarter will eventually be revised to show modest growth."

Chris Williamson, Chief Economist, Markit

Published: 2012-05-03 09:45:00 UTC+00

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May 21 at 9:04 UTC