Service sector buoyant ahead of growth forecasts

The UK service sector, which makes up approximately 80% of the UK economy, saw strong growth again last month according to the latest Purchasing Managers’ Index (PMI) scores. The headline Markit/CIPS PMI came in at 60 for November, far ahead of the official figure of 50 which indicates growth. Although down on October’s 16 year record of 62.5, growth remains high and sustained. Recent survey results for both the Manufacturing and Construction sectors were also positive, as the economy continues to show all-round growth ahead of official economic forecasts are due to be announced in this Thursday’s Autumn Statement by the chancellor George Osborne. Markit recently suggested that the UK economy may have grown by 1% or more in the fourth quarter of 2013, which would be up on last quarter’s 0.8% growth. Confidential Factoring. In other news, surveys have revealed that private sector businesses are increasingly looking to hire new staff with Markit chief economist Chris Williamson stating: "Job creation is surging as companies report increasingly buoyant demand.” “Rising employment will help sustain the upturn through improved consumer confidence and spending,” he concluded.