Service Sector Reaches Twenty Month Low
Yesterday I described how manufacturing industry in the UK was on the upswing, but today a report from the British Chartered Institute of Purchasing and Supply (CIPS) found that activity in the services economy fell to a 20-month low in December. Activity in the sector is identified by the purchasing managers' index (PMI). The report also showed that employment in the service sector fell for the third month in a row.
The decline in the service industry could be in part due to the unusual weather that disrupted transportation; however December saw the first of the public sector job losses announced by the government. Whatever the root causes the decline in the service sector; the fall in the PMI was believed to have caused a further decline in the British currency.
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