United Kingdom Services Pmi

The IHS Markit/CIPS UK Services PMI jumped to 58.0 in October 2021, up from 55.4 in the previous month and defying market expectations of 54.5, a preliminary estimate showed. The latest reading pointed to the fastest expansion in the sector since July, although still softer than the peak seen in May, on the back of a sustained boost to client spending following the roll back of pandemic restrictions, including an expansion of export sales. Meanwhile, staffing and supply shortages weighed on growth. New business volumes rose the most since June, also driven by strong domestic demand. On the price front, cost burdens increased at the fastest rate since the survey began in July 1996.