The UK service sector maintained its recent run of strong growth during October, with activity expanding at the fastest pace since May 1997 as levels of incoming new business rose at a survey record rate. Capacity was subsequently tested, with backlogs increasing at a sharp pace. Companies responded by adding to their payrolls, and the rate of growth was the best seen in nearly sixteen-and-a-half years. The headline seasonally adjusted Business Activity Index reached a level of 62.5 in October. That was an improvement on September’s 60.3 and represented the sharpest rise in activity signalled by the survey since May ... (full story)