5/6, 10:31 AM (Source: TeleTrader)
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UK services sector growth at 7-year high in April

Activity in the United Kingdom's services sector reached a seven-and-a-half-year high in April as the Business Activity Index came in at 61.0, up by 4.7 points in comparison to the previous month and exceeding expectations, the Chartered Institute of Purchasing & Supply and IHS Markit's report released on Thursday revealed.

Meanwhile, the seasonally adjusted Composite Output Index stood at 60.7, rising by 4.3 points month-on-month and mirroring the fastest growth in private sectors' business activity for seven-and-half years. The survey noted that "the roadmap for easing COVID-19 restrictions across the UK ha[s] been a key factor helping to boost activity."

"The successful vaccine [against COVID-19] rollout continued to underpin expectations of a strong recovery in the year ahead, with service providers responding by boosting employment and investment spending during April," Tim Moore, Economics Director at IHS Markit, commented on the results.

Breaking the News / JR