The UK\u2019s service sector has finally picked up after a miserable start to the year, a new study has revealed.<\/p>\n
The research, published by IHS Markit, found that the industry grew to 55.8 points.<\/p>\n
Anything above 50 on its purchasing managers\u2019 index (PMI) represents growth.<\/p>\n
However, Markit also revealed that prices charged by the sector grew at their fastest rate since July 2008.<\/p>\n
The boost suggests that, along with growth in the construction and manufacturing industries, the economy will grow at twice the pace than that of the three months previous.<\/p>\n
Chris Williamson, Chief Business Economist at IHS Markit, said: \u201cThe upturn in the services PMI rounds off a hat-trick of good news after upside surprises to both the manufacturing and construction PMIs.<\/p>\n
\u201cThe three surveys collectively point to GDP growing at a rate of 0.6 per cent at the start of the second quarter.<\/p>\n
\u201cWhile we expect consumer spending to slacken in coming months, with the April survey highlighting continued weakness in sectors such as hotels, restaurants and other household-facing businesses, there\u2019s good reason to believe that at least 0.4 per cent GDP growth can be achieved in the second quarter as a whole.\u201d<\/p>\n
Commenting on the study, Duncan Brock, Director of Customer Relationships at the Chartered Institute of Procurement & Supply, added: \u201cThe UK\u2019s biggest sector started Q2 in stellar fashion with the strongest performance so far this year and with new business growth riding high.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
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