UK services sector grows at fastest pace in 16 years

The latest figures from the Markit/CIPS PMI services index have revealed that the UK services sector, the engine of British economy, grew at its fastest pace since 1997.

As expected, the most impressive growth levels were recorded in the financial services sector, bolstered by the housing market, and the business sector.

The PMI survey’s activity index for the sector recorded 60.3 in September, which was marginally down from August’s near seven-year high of 60.5 (as a general rule, any score above 50 indicates growth).

According to a news report on the matter, David Noble, chief executive officer at the Chartered Institute of Purchasing & Supply, said: “After nearly six lost years of economic output, the UK economy looks to have really found its feet.”

He said the survey reflected the stability in the global economy, which the services sector was taking “full advantage of”.

“The industry sustained August’s impressive business growth, dipping only fractionally from a near seven-year high, and new orders have now been growing for nine months consecutively,” Mr Noble added.

A sustained growth in the services’ field could also have some positive effects in terms of funds made available for investments, as well as employment levels. And every company that plans to extend its workforce in a sustainable manner should also seriously consider the implementation of a very solid and reliable workforce management system, such as the ones supplied by Tensor plc.

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