UK Markit services PMI at 55.6

FXStreet (Mumbai) - The UK’s dominant service sector registered a further solid rate of expansion in January. UK Markit services PMI increased to 55.6, higher than 55.5 reading seen previously. It also came in higher than estimated 55.3 reading.

Growth of total business activity was little-changed from December, and new business rose at the sharpest rate since last July.Service providers raised employment at the fastest pace since last October. That said, output growth was weaker than the trend rates achieved in 2013, 2014 and 2015. Moreover, the longer-term outlook for business activity hit a three-year low