World Economy

UK Services PMI Weakens

UK Services PMI WeakensUK Services PMI Weakens

The dominant UK services sector suffered a slowdown last month, with growth at its weakest level since April 2013, according to data, further denting expectations for a Bank of England rate rise, NewsNow reported. The Markit/CIPS services purchasing managers’ index reading fell to 53.3 last month, down from August’s 55.6, and below economists’ forecasts, with firms citing a slower rate of consumer spending and renewed global uncertainty sparked by the slowdown in China as factors. The all-sector composite index, which also factors in last week’s weak manufacturing and strong construction PMIs, also fell to its lowest since April 2013 at 53.9, down from 55.4.