Wednesday, Mar 03, 2010
It's all over, everybody back to work (in mc donalds)
Times on line: UK recovery gains traction on services boost
Britain’s crucial services sector, the main driver of the economy, bounced back far faster than expected in February to record its strongest expansion in more than three years.
After surprisingly strong manufacturing figures earlier this week, the rise in services sector activity, which contributes nearly three quarters of GDP, suggests that the country's recovery is gaining momentum after January’s weather-related slowdown.
The CIPS/Markit services PMI index, which measures activity in the sector that spans financial services to restaurants, rose from 54.5 in January to 58.4 in February — the highest level since January 2007 and above most economists' expectations of a 54.9 reading.
Posted by waitingtobuy @ 04:54 PM (496 views) Add Comment
6 Comments
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1. Lives In A Cave said...
So increase in service sector GDP means greater tax revenues means budget surplus means low inflation environment means stable economic growth means house price increase. Phew, for a minute there I thought I couldn't quite make the link.
2. 51ck-6-51x said...
I suggest the headline, "Oooh, ain't them there City boys are doing us proud?!"
3. icarus said...
"February was the 22nd consecutive month of net job losses......but the rate of decline was only modest".
4. Crunchy said...
Only another 6 months away.
5. fallingbuzzard said...
Inventory cycle effects. The hamburgers are being restocked in anticipation of everyone being willing and able to borrow the money to buy them.
6. paul said...
I'm with fallingbuzzard on this.
Truly deflationary effects will take effect when companies start to realize that people will have less money to spend in future, not more. Then they will adjust their R&D and development in new products accordingly. Be those products cars, widgets, lawyers (new lawyers don't grow on trees) or console games writers.