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British service PMI climbs to 57.2 in Jan.

Xinhua, February 4, 2015 Adjust font size:

British services sector purchasing managers' index (PMI), a gauge measuring industry activity rose significantly to 57.2 in January this year from 55.8 in December 2014, said Markit Economics said Wednesday.

The reading was also well above the market estimates consensus of 56.4, and it marked the 25th successive month that the activity index staying above the 50.0 no-change mark.

The British services sector started 2015 in a strong fashion as activity and new business both increased at accelerated and above survey average rates, said the London-based survey compiler.

Meanwhile, input price inflation eased to its lowest level during January since June 2009, while business confidence remained steady with nearly 50 percent of the survey panel forecasting an increase in activity from present levels in a year's time, said Markit.

Chris Williamson, chief economist at Markit, said: "The January PMI surveys signaled a reassuringly robust start to the year for the UK economy, indicating a quarterly rate of GDP growth just over 0.5 percent."

More encouragingly, the surveys are currently signaling an impressive net rate of job creation of some 70,000 per month, said Williamson.

The services sector dominates the British economy, contributing around three quarters of gross domestic product (GDP), according to the Office of National Statistics (ONS). Endit