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UK's service sector's growth decelerates in Oct  Join our daily free Newsletter

MENAFN - 06/11/2012

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(MENAFN) Markit, the global data provider, revealed that the UK's service sector's Purchasing Managers Index (PMI) fell to 50.6 last month, posting the steepest monthly decline in nearly 2 years, reported Xinhua News.

Even though the reading on the PMI indicates expansion, as it's above the 50 mark that separates contraction from growth, however, it was below the 52.2 reading posted in September.

For the second straight month, employment in the service sector, which takes up around 75 percent of the country's economy, dropped in October.

It is worth noting that the UK's Office for National Statistics (ONS) said in October that the nation's gross domestic product (GDP) expanded by 1 percent in the third quarter.

 






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