A number of survey respondents commented on efforts to stimulate demand through competitive pricing strategies and new promotional initiatives. The seasonally adjusted IHS Markit/CIPS UK Services PMI® Business Activity Index registered 54.5 in February, up from 53.0 in January, to signal the strongest rate of service sector output growth for four months. Higher levels of business activity were attributed to the resilient economic backdrop and an associated upturn in new work.
UK service growth picks up in February
UK service providers experienced a modest rebound in business activity growth during since May 2017. The latest survey also pointed to stronger job creation across the service economy, with payroll numbers rising to the greatest extent for five months as firms sought to boost operating capacity in response to improved order books. At the same time, cost pressures moderated to their lowest for a year-and-a-half, which contributed to a further slowdown in prices charged inflation.
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