PMI rises to 55.6 in January,but expectations for next 12 months drop to three-year lowBritain’s service sector surprised the City with stronger growth last month, but worries approximately financial market turmoil and the possibility of “Brexit” pushed commerce confidence to a three-year low.
The Markit/Cips services purchasing managers’ index edged up to 55.6 in January from 55.5 in December, and confounding expectations of a dip to 55.3. The figures near ahead of the latest Bank of England interest rate decision on Thursday,which is expected to see rates kept at the current level. Many economists do not expect a rate rise any time soon, while traders on money markets have pushed back their expectations to early 2018.
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Source: theguardian.com