UK services PMI for October rises faster than expected

FXStreet (Mumbai) - The seasonally adjusted Markit/CIPS UK Services Business Activity Index rose for the first time since June, to 54.9 from 53.3 in September. The actual figure beats the estimate of 54.5.

The new work received by the UK service providers rose for the thirty-fourth consecutive month in October. The rate of job creation in October rose to a 5-month high, but business expectations softened to the weakest since April 2013.

Input price inflation slowed for the fourth time in five months, and was the joint-second lowest since September 2009, while prices charged for services continued to rise only marginally.