- Prior 58.7
- New orders 58.3 vs 60.1 prior
- Prices charged 49.8 vs 51.9 prior (an inflationary indicator drops into contraction)
- Composite 55.8 vs 57.0 exp. Prior 57.4 revised to 57.5
Ouch, not a good number from the biggest component of GDP. GBP/USD tumbles to 1.5902
Services at the lowest since May 2013 and composite since June 2013.
Chris Williamson at Markit pulls no punches when he gives his verdict on the numbers and what it means for interest rate rises.
“Slower service sector growth knocks the prospect of interest rate hikes firmly on the head, adding to
an increasingly downbeat flow of economic data in recent weeks which has thrown a cloud of
uncertainty over the outlook.”
UK Services PMI 05 11 2014
