{"id":10890,"date":"2024-05-07T10:00:47","date_gmt":"2024-05-07T07:00:47","guid":{"rendered":"https:\/\/ch.jfdi.cc\/?p=10890"},"modified":"2024-05-07T10:00:47","modified_gmt":"2024-05-07T07:00:47","slug":"upswing-in-uk-services-firms-points-to-renewed-economic-growth","status":"publish","type":"post","link":"https:\/\/ch.jfdi.cc\/?p=10890","title":{"rendered":"Upswing in UK services firms points to renewed economic growth"},"content":{"rendered":"<div><img decoding=\"async\" src=\"http:\/\/ch.jfdi.cc\/wp-content\/uploads\/2024\/05\/upswing-in-uk-services-firms-points-to-renewed-economic-growth.jpg\" class=\"ff-og-image-inserted\"><\/div>\n<p>British services companies reported the strongest upswing in activity in almost a year during April, despite a new surge in cost pressures, according to a survey that pointed to a solid rate of economic growth.<\/p>\n<div class=\"cypru-video-ads\" id=\"cypru-939840147\">\n<div id=\"cypru-409845684\" data-cypru-trackid=\"478051\" data-cypru-trackbid=\"1\" class=\"cypru-target\">\n<div id=\"gpt-ad-8453661316385-0\">\n<\/div>\n<\/div>\n<\/div>\n<p>The S&amp;P Global UK Services Purchasing Managers\u2019 Index rose in April to 55.0, its highest level since May 2023 and up from a preliminary reading of 54.9. Readings above 50 represent expansion.<br \/>\nThe survey showed a robust increase in new orders, but also the biggest acceleration of cost pressures since August \u2013 something that is likely to be noticed by Bank of England officials who next week will meet to set interest rates.<br \/>\nMany businesses attributed the inflation squeeze to a 10 per cent increase in the national minimum wage in April, while some also said rising salary costs were a reason why employment growth slowed to its lowest level this year.<br \/>\n\u201cThe latest survey results are consistent with the UK economy growing at a quarterly rate of 0.4 per cent and therefore pulling further out of last year\u2019s shallow recession,\u201d said economics director Tim Moore from S&amp;P Global Market Intelligence.<br \/>\nRelief at a turnaround in the economic outlook was commonly cited as a factor supporting sales pipelines in April. However, there were also reports that clients remained somewhat risk averse and under pressure from elevated inflation.<br \/>\nThe rising fortunes of the dominant services contrast with the manufacturing PMI, which dipped back below the 50 mark after venturing briefly into growth territory in March.<br \/>\nThe composite PMI \u2013 which combines Friday\u2019s services PMI with the earlier factory survey \u2013 rose to 54.1 from 52.8 in March, marking a one-year high.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>British services companies reported the strongest upswing in activity in almost a year during April, with the S&amp;P Global UK Services Purchasing Managers\u2019 Index rising to 55.0, its highest level since May 2023. The survey also showed a robust increase in new orders and the biggest acceleration of cost pressures since August. This increase in costs was attributed to a 10 per cent increase in the national minimum wage in April, leading to a slowdown in employment growth. The UK economy is expected to grow at a quarterly rate of 0.4 per cent, pulling further out of last year\u2019s shallow recession. The composite PMI, which combines services and manufacturing data, rose to 54.1 from 52.8 in March, marking a one-year high.<\/p>\n","protected":false},"author":3,"featured_media":10891,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"Default","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[8625,1902,47,461,33,8874,2511,3,2369,645,26,27,3251,1312,8907,8903,250,3330,3767,1823,67,899,1401,7776,16,3331,8875,3775,3886,4054,6106,1806,9098,4022,1565,1229,494,3885,6305],"class_list":["post-10890","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-other","tag-april","tag-bank","tag-bank-of-england","tag-british","tag-companies","tag-cost-pressures","tag-costs","tag-cyprus","tag-data","tag-economic-growth","tag-economy","tag-employment","tag-england","tag-expansion","tag-factory","tag-follow","tag-google","tag-google-news","tag-growth","tag-increase","tag-inflation","tag-interest","tag-interest-rates","tag-march","tag-minimum-wage","tag-news","tag-pmi","tag-pressure","tag-recession","tag-risk","tag-sales","tag-services","tag-services-companies","tag-shallow-recession","tag-surge","tag-survey","tag-uk","tag-uk-economy","tag-who"],"acf":{"keyphrase":"","keywords":"","sourceimg":"","country-category":""},"yoast_head":"<!-- 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