U.K. Services Growth Quickens Amid Subdued Economic Rebound
Tuesday, 5 June 2018 15:50 WIB | ECONOMY |Ekonomi inggris

The U.K. services sector grew more than forecast in May as the economy continued to plot a modest recovery from the snow disruption of the first quarter.

IHS Markit said Tuesday its Purchasing Managers Index rose to 54, beating the 53 predicted in a Bloomberg survey, as companies sought to make up ground after a weather-blighted start to the year.

Taken together with surveys on manufacturing and construction, it suggest the economy is on course for growth of about 0.3 to 0.4 percent in the second quarter, Markit said. Growth slowed to just 0.1 percent in the first three months of the year.

However, the outlook remains uncertain, Markit said, with Brexit continuing to hold back investment, cost pressures building and new orders growing at their weakest pace since 2016. Confidence across the services sector dropped for the third time in four months.

œThe improvement in service sector activity adds to evidence that the economy is on course to rebound in the second quarter but, like the earlier manufacturing and construction surveys, raises questions about the outlook, said Chris Williamson, Markit™s chief business economist. œDisappointing inflows of new work suggest that growth could wane in coming months.

The mixed picture complicates the decision facing Bank of England policy makers over when to raise interest rates. Investors are currently pricing about 40 percent chance of a BOE increase in August.

œThe signs of economic growth rebounding in the second quarter will likely up the odds of the Bank of England hiking interest rates again in coming months, likely August, Williamson said. œBut with the forward-looking indicators suggesting that the economy could relapse, a rate rise is by no means assured.

Source : Bloomberg

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