Data good, GBP drop! LOL.
UK service sector growth strengthens
November’s survey of the UK service sector indicated a strengthening of activity growth amid reports of firm demand and rising volumes of new business. Capacity subsequently remained under pressure, leading to a further increase in levels of work outstanding, and companies responded by adding to their payroll numbers. The latest survey also indicated that higher wage bills were driving up overall operating expenses, although these were offset to a degree by lower fuel costs. Output charges were unchanged as competitive pressures restricted pricing power. The headline seasonally adjusted Business Activity Index ... (full story)