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12/4, 10:30 AM (Source: TeleTrader)
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UK services sector activity declines in November

The United Kingdom service sector saw a decline in business activity in November, according to the IHS Markit and Chartered Institute of Purchasing and Supply report released on Wednesday. The seasonally adjusted UK Services PMI stood at 49.3, decreasing from October's 50 and showing the sharpest fall in the index since March.

Incoming work declined for the third month in a row and demand for exports was low as new orders saw the biggest drop since 2014. However, the report noted that staffing numbers in the UK economy have stabilized, but stressed that expectations on growth of services providers remain low compared to the long-run average.

Economics associate director at IHS Markit Tim Moore stated: "November's PMI surveys collectively suggest that the UK economy is staggering through the final quarter of 2019, with service sector output falling back into decline after a brief period of stabilization."

Breaking the News / VP