The UK recorded the fastest growth in service sector production since October 2013 as the activity index hit 61.0 in April, according to the IHS Markit press release. The Business Activity Index was a jump from March’s 56.3.
A sharp upturn in consumer and business spending fueled the service sector as the loosening of restrictions raised optimism of economic outlook.
Job creation accelerated to a five-and-half a years’ peak on the stronger demand, which increased hiring.
Inflationary pressures persisted, with input prices rising at the strongest pace for four years.
New orders gained for the second month, and the expansion pace was the strongest since December 2013.
UK stocks are currently gaining as the pound trades lower to the dollar. FTSE 100 is up 0.26%, GBPUSD is down 0.18%.
