UK and eurozone service sectors see improvement, data shows

According to a study carried out by Markit and the Chartered Institute of Purchasing & Supply (CIPS), growth returned to the UK service sector in January.

The Market/CIPS purchasing managers’ index for the UK increased to 51.5 in January, up from 48.9 in December - a figure over 50 is suggestive of growth. The survey concluded that stronger demand stimulated activity and that growth came as a result of an increase in the volume of new businesses together with an expansion in staffing. 

The service sector accounts for around three quarters of the UK economy and the positive data recorded in the survey might  indicate signs of economic recovery. However, since uncertainty about the economy persists, a cautious attitude remains prudent. 

About The Author