3 Jul 2015
UK services PMI rises more than expected in June
FXStreet (Mumbai) - Markit/CIPS UK Services PMI in June ticked higher to 58.5 from 56.5 in May. The markets were expecting the index to tick higher to 57.4.
The growth was mainly due to robust expansion in new work inflows during June. Still, the rate of job creation eased to a six-month low.
The rate of input price inflation rose solidly, but remained little-changed from May’s eight month high. Higher wages and the rise in fuel costs pushed up input prices. However, service charges ticked up only modestly.
The uptick in the activity is indicative of the post-election rebound in activity and meant that the second quarter of 2015 was the strongest on average since Q3 2014.
The growth was mainly due to robust expansion in new work inflows during June. Still, the rate of job creation eased to a six-month low.
The rate of input price inflation rose solidly, but remained little-changed from May’s eight month high. Higher wages and the rise in fuel costs pushed up input prices. However, service charges ticked up only modestly.
The uptick in the activity is indicative of the post-election rebound in activity and meant that the second quarter of 2015 was the strongest on average since Q3 2014.