Economic Buzz: UK Service Sector Grew Most In 10 Month In March

5 Apr 2022 , 05:04 PM

UK service sector grew the most in ten months in March as the removal of pandemic restrictions and return to offices had led to a sharp rebound in customer demand, final survey data from S&P Global showed on Tuesday. The Chartered Institute of Procurement & Supply services Purchasing Managers Index rose to 62.6 in March from 60.5 in February. The reading was above the flash 61.0. The score signaled the second strongest growth since May 1997. There was a strong rise in new work in March. Greater business requirement and expansion plans fueled firms to recruit more people. The rate of prices charged inflation was the steepest since the index began in July 1996 and input price inflation was the second-fastest on record. However, business expectations for the year ahead dropped for the second month running and were the lowest since October 2020. In contrast to the service sector activity, the survey revealed that manufacturing production grew at the slowest pace since October 2021. The composite output index climbed to 60.9 in March from 59.9 in the prior month.

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