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5/21, 10:31 AM (Source: TeleTrader)
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UK service sector activity soars to 8-year high

The United Kingdom's Services Business Activity Index soared to a nearly 8-year high by reaching 61.8 points, but failed market estimates, the IHS Markit revealed in its preliminary report published on Friday.

On the other hand, the Manufacturing Output Index topped estimates as it soared to 63.2 points, with the Manufacturing PMI jumping to 66.1 points, the highest figure since 1992. The Composite Output Index climbed to 1998 record at 62 points.

"Factory orders are surging at a record pace as global demand for goods continues to revive, and the service sector is reporting near-record growth as the opening up of the economy allows more businesses to trade. Business confidence has meanwhile hit an all-time high as concerns about the impact of the pandemic continue to fade," IHS Markit Chief Business Economist Chris Williamson said in the report.

Breaking the News / ND