UK April services PMI records fastest upturn in output since Dec 2016

The services sector activity in the UK economy extended its rebound for the second straight month in April and surprised positively, a fresh report from Markit Economics showed on Thursday.

The services PMI jumped to 55.8 in April versus a 53.3 reading booked in March. Markets predicted an increase to 54.5 last month.

Key Points:

Sharpest rise in business activity since December 2016

New work and employment levels expand at fastest pace so far in 2017

Fastest increase

Chris Williamson, Chief Economist at Markit, noted: “The upturn in the services PMI rounds off a hattrick of good news after upside surprises to both the manufacturing and construction PMIs. The three surveys collectively point to GDP growing at a rate of 0.6% at the start of the second quarter.”