Business

Services sector drives recovery

THE powerhouse services sector continued to drive the UK's recovery last month after figures showed further strong expansion. The reading of 60 in the closely-watched Markit/CiPs purchasing managers' index (PMI) was well ahead of the 50 level that separates growth from contraction. Although an easing on the previous month's 16-year record of 62.5, survey compiler Markit said it represented another strong month for a sector which accounts for around three-quarters of UK output. Adding this survey to those in manufacturing and construction, Markit said its PMI surveys indicate growth of one per cent in the fourth quarter.