Growth in UK Services Sector

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A new survey has suggested that the UK’s services sector grew during March with an increase in the amount of jobs created.

The Purchasing Managers Index (PMI) has seen a rise of 1.5 points from 53.8 to 55.3. Any level of 50 or higher indicates expansion.

It follows similarly strong March surveys from the manufacturing and construction sectors with the data seeming to point at first-quarter UK economic growth of 0.5%.

Chris Williamson, chief economist at Markit said:

“Faster growth of services activity in March indicates that the economy is on the up again, skirting recession as business continues to bounce back from the lull seen late last year.”

The services sector – which dominates the UK economy – recorded its 15th consecutive month of expansion, according to the surveys, and its strongest quarter since spring 2011.

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