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the British service sector increased at a faster rate in May, and to a greater
extent than forecast by economists, as new business intakes increase the most
in more than three years, data from a survey by Markit Economics and the
Chartered Institute of Purchasing and Logistics (CIPS) showed Wednesday.
seasonally adjusted purchasing managers' index (PMI) for the service sector
The sharp increase in activity was driven by a combination of higher sales volumes, promotional activities and new product launches, the survey showed.
In line with the upturn in activity, firms increased their workforces for the fifth consecutive month amid evidence of marginal capacity pressures and with positive expectations for the coming year.
Input price inflation in the services sector continued the downward trend in May and hit the lowest level in twelve months. Factory gate prices decreased modestly during the month amid competitive pressures.
At the same time, business confidence was a little firmer in May as entrepreneurs were encouraged by current trends in new work, and expect a better economic climate to support expansion.
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