Investing.com - Service sector activity in the U.K. expanded at a slower rate than expected last month, dampening optimism over the country’s economic outlook, industry data showed on Wednesday.
In a report, market research group Markit said the seasonally adjusted Markit/CIPS Services Purchasing Managers Index fell to 60.0 in November from a reading of 62.5 in October, which was the strongest since May 1997.
Analysts had expected the index to decline to 62.0 last month.
On the index, a level above 50.0 indicates expansion in the industry, below 50.0 indicates contraction.
Commenting on the report, Chris Williamson, Chief Economist at survey compilers Markit said, “When looked at alongside the upturns in the buoyant manufacturing and construction sectors, the three PMI surveys indicate that the pace of economic growth will have accelerated in the fourth quarter, rising to above 1.0%.”
Following the release of that data, the pound held on to losses against the U.S. dollar, with GBP/USD shedding 0.26% to trade at 1.6348.
Meanwhile, European stock markets remained mildly higher. London’s FTSE 100 inched up 0.1%, the EURO STOXX 50 rose 0.1%, France's CAC 40 added 0.3%, while Germany's DAX tacked on 0.2%.
In a report, market research group Markit said the seasonally adjusted Markit/CIPS Services Purchasing Managers Index fell to 60.0 in November from a reading of 62.5 in October, which was the strongest since May 1997.
Analysts had expected the index to decline to 62.0 last month.
On the index, a level above 50.0 indicates expansion in the industry, below 50.0 indicates contraction.
Commenting on the report, Chris Williamson, Chief Economist at survey compilers Markit said, “When looked at alongside the upturns in the buoyant manufacturing and construction sectors, the three PMI surveys indicate that the pace of economic growth will have accelerated in the fourth quarter, rising to above 1.0%.”
Following the release of that data, the pound held on to losses against the U.S. dollar, with GBP/USD shedding 0.26% to trade at 1.6348.
Meanwhile, European stock markets remained mildly higher. London’s FTSE 100 inched up 0.1%, the EURO STOXX 50 rose 0.1%, France's CAC 40 added 0.3%, while Germany's DAX tacked on 0.2%.