2023-04-05 04:45:40 ET
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Services PMI in the United Kingdom decreased to 52.90 points in March from 53.50 points in February of 2023.
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Moreover, latest figures signalled the strongest rise in new export sales since data collection for this series began in September 2014.
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Greater export sales were recorded for the fourth month in a row during March and the rate of expansion was the strongest for at least eight-and-a-half years.
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Prices charged inflation eased to a 19-month low in March, but remained higher than at any time in the 25 years prior to August 2021.
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Higher levels of service sector output were typically attributed to rising business and consumer confidence, which led to another marked rise in new business intakes.
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Business expectations for the year ahead meanwhile improved for the fifth month in a row. The degree of positive sentiment regarding the outlook for business activity growth reached its highest level since March 2022.
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Dr John Glen, Chief Economist, Chartered Institute of Procurement and Supply (CIPS) said: "The biggest surge in new business for 12 months in the dominant services sector could trigger hopes that a turnaround is finally on the horizon for the UK economy. Consumer confidence improved adding to levels of orders on the domestic front, while the highest rise in exports since September 2014 added another cheerful note."
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UK service firms report picks up for the 2nd month in March