Economic Buzz: UK Service Sector PMI Slumps To 10-Month Low In December

6 Jan 2022 , 04:57 PM

UK service sector expanded at the slowest pace in ten months in December as the Omicron variant led to a steep fall in spending on face-to-face consumer services, survey results from IHS Markit showed on Thursday. The services Purchasing Managers Index fell to 53.6 in December from 58.5 in November. However, the score was above the flash 53.2. Moreover, the reading remained comfortably above the neutral 50.0 threshold, which extended the current phase of output expansion to 10 months. The survey data signaled a severe loss of momentum for new orders in December due to the heightened uncertainty caused by the pandemic. Moreover, export orders declined for the first time in six months.

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