UK’s PMI Services for November improved to 50.9 from October’s 49.5, indicating expansion for the first time in four months. PMI Composite also rose to 50.7, crossing the critical 50 mark for the first time since July.
Tim Moore of S&P Global Market Intelligence remarked on the positive shift: “UK service providers moved back into expansion mode” However, he cautioned about inflation, noting “another round of strong input cost pressures” mainly due to rising staff wages. This improvement in the service sector, although positive, is shadowed by ongoing inflationary challenges.
