Services Sector Grows For 14th Month In A Row
Published on Oct 3 2013 8:52 AM in General Industry
The country's services sector expanded for the 14th month in a row in September, a new survey shows today.
Good summer weather and signs of an upswing in the economy saw the State’s services sector grow at its fastest rate in six years in August.
The Investec Services Purchasing Managers' Index (PMI) of services sector activity moderated to 56.8 in September from 61.6 in August.
The easing had been expected as the August figure had been the highest reading since February 2007.
The September reading was still far above the 50 mark that separates growth in activity from contraction, and was the third-highest this year after August and July's figures.
Investec economist Philip O’Sullivan said improving confidence within the wider economy had contributed to a rise in new business in September, with new work reportedly having been received from both new and existing clients.
“Business activity remained in expansionary mode for a 14th successive month, with respondents citing higher new business as a key driver of the latest rise,” he said.
Mr O’Sullivan added: “While the rate of growth in new export business softened during September, it nonetheless remained in positive territory for a 26th month in a row, with a number of panellists identifying the UK as a particular source of strength in recent times.”