Weakest services growth since September

2 August 2007
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03 August 2007 | Paul Snell

Activity in the service sector was at its slowest since September 2006, according to the latest Purchasing Managers Index (PMI).

The CIPS/NTC PMI for July, where a figure above 50 represents growth, recorded activity of 57. This was slower than the 57.7 posted in June. Some buyers in the leisure industry reported that bad weather and flooding had affected their businesses.

New business was also down compared with June, but remained strong, recording a figure of 58. The IT and computing, and transport and communications sector represented the sharpest growth.

Staff levels also increased in July, but were slower than in June. IT and growth saw the sharpest growth, although levels fell in the hotel and restaurant sector. Employment was measured at 53.2 in July.

Input prices remained high, 58.3 in July, as buyers reported higher bills for energy, wages, raw materials and food.


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