British services sector continues strong expansion throughout February, survey suggests
The UK service sector, one of the main drivers of the British economic growth, has continued to “expand strongly” throughout February, figures obtained from the Markit/CIPS Purchasing Managers (PMI) report suggest.
According to a media news report on this topic, the Markit/CIPS Purchasing Managers’ Index (PMI) for the sector was 58.2 last month, which is a bit below the January figure, but still, way above the value of 50, which stands for expansion.
The Markit survey also found that confidence in the economic outlook rose to its highest since September 2009.
“There’s no end in sight to the good news: with business confidence in the services economy rising further in February, growth should pick up again in March, adding conviction to the growing consensus that the economy is set for its best year of growth since 2007, with the rate easily surpassing the 1.8% expansion seen last year,” said Chris Williamson, Markit’s chief economist.
The report also suggested that a large number of firms are likely to expand their activity over the next few months, investing in new equipment and bringing more personnel on board in order to meet increased demand.
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