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UK services growth picks up to 53.1 in October, above forecasts
The reading is up from 52.1 in September, according to S&P Global.
Published
The UK services purchasing managers' index (PMI) stood at 53.1 in October, above the 51.8 that forecasters had expected. The PMI is a monthly survey of business activity.
The UK construction PMI also beat forecasts in September, and the services reading extends a run of upside surprises in UK data.
Services make up the bulk of UK output. A reading this far above forecast suggests wider resilience in the economy than the construction figure alone did.
For US markets, the read-through is limited. This is a UK-specific release with no direct link to US company earnings or interest rates. Its main relevance is to sentiment about global growth.
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