Services reported growth yesterday, following good news from Manufacturing earlier in the week, as it was announced the sector grew in January by its fastest rate for 10 months, according to the results of a key survey.
The closely-monitored Markit/CIPS services purchasing managers’ index (PMI) saw a rise from 54 for December to 56 in January. Any figure above 50 indicates growth, as fears of a new recession at the start of the year look likely to be reduced.
Markit also reported increased business confidence in the sector, which makes up more than 70% of the UK’s economic output.
Chief economist for Markit, Chris Williamson, said of the report findings, "A slide back into recession is now looking increasingly unlikely. The economy could well expand at close to trend rate - around 2-2.5% per annum - in the first quarter if business conditions hold up in the next two months."
Invoice finance for service sector
If you’re a company in the Services sector that could benefit from increased cashflow, you may think, with banks increasingly not lending, your chances of getting external funding are low.
However, invoice finance facilities could offer you flexible financial help, with solutions specially tailored by our team of experts to fit your needs.
Why not browse our website to find out more about factoring and invoice discounting.