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The British service sector grew at the fastest pace in six months in December as new orders rose further amid signs of a tentative turnaround in client demand, final survey results from S&P Global revealed Thursday.
The final Chartered Institute of Procurement and Supply Services Purchasing Managers' Index climbed to 53.4 in December from 50.9 in November. The flash reading was 52.7.
The score was above the 50.0 no-change value for the second straight month, signalling continued expansion in the service sector.
A tentative turnaround in client demand was again linked to increased business activity, especially among financial services and technology firms.
New orders rose at the strongest pace since June, linked to rising business optimism, despite lingering concerns about weak UK economic growth prospects. Meanwhile, export orders rose only marginally.
Employment dropped again in December as service providers sought to maintain a tight grip on headcount.
On the price front, input price inflation accelerated to its highest level in three months, largely due to higher staff wages. Consequently, the overall rate of output price inflation accelerated to its fastest for five months.
The final composite output index rose to 52.1 from 50.7 in the previous month, indicating a moderate increase in private sector output. The score was above the flash score of 51.7.
