Investing.com - Service sector activity in the U.K. expanded at the same rate from a month earlier in May, industry data showed on Thursday.
In a report, market research group Markit said the seasonally adjusted Markit/CIPS Services Purchasing Managers Index held steady at 53.3 in May. Analysts had expected the index to decline by 0.6 points to 52.7.
On the index, a level above 50.0 indicates expansion in the industry, below 50.0 indicates contraction.
Growth of the U.K. service sector was unchanged during May at a solid rate, supported by a further marked gain in incoming new business.
Commenting on the report, David noble, chief executive officer at the CIPS said, “The performance of the sector remained modest in May helped by a fall in input price inflation and new business wins which enabled some companies to take on more staff to cope with higher levels of activity.”
“However, companies still face a long hard slog to see significant growth, and continue to be forced to price more competitively to convert opportunities.” He added.
Following the release of that data, the pound held on to losses against the U.S. dollar, with GBP/USD shedding 0.16% to trade at 1.5471.
Meanwhile, European stock markets were broadly higher. The EURO STOXX 50 jumped 0.6%, France's CAC 40 rose 0.55%, London’s FTSE 100 added 0.45%, while Germany's DAX advanced 0.55%.
In a report, market research group Markit said the seasonally adjusted Markit/CIPS Services Purchasing Managers Index held steady at 53.3 in May. Analysts had expected the index to decline by 0.6 points to 52.7.
On the index, a level above 50.0 indicates expansion in the industry, below 50.0 indicates contraction.
Growth of the U.K. service sector was unchanged during May at a solid rate, supported by a further marked gain in incoming new business.
Commenting on the report, David noble, chief executive officer at the CIPS said, “The performance of the sector remained modest in May helped by a fall in input price inflation and new business wins which enabled some companies to take on more staff to cope with higher levels of activity.”
“However, companies still face a long hard slog to see significant growth, and continue to be forced to price more competitively to convert opportunities.” He added.
Following the release of that data, the pound held on to losses against the U.S. dollar, with GBP/USD shedding 0.16% to trade at 1.5471.
Meanwhile, European stock markets were broadly higher. The EURO STOXX 50 jumped 0.6%, France's CAC 40 rose 0.55%, London’s FTSE 100 added 0.45%, while Germany's DAX advanced 0.55%.