First it was manufacturing up, then the construction industry reported its January upturn, and today the service sector is also reported to have had a very successful month, growing strongly. In fact, it was much stronger than expected, with a sector Index (PMI) of 54.5. It was low at 49.7 in December, probably affected to some extent by the severe weather. January's figure represents an eight-month high, not just an improvement over December!
Even the retail sector has (as I suggested before that it would) been doing far better overall than Labour like to pretend:
"Kevin Daly, Goldman on retail PMI: 'If we average the index over past three months it's above the pre-recession (1997-2007) average.’"
These are all quite significant boosts, too, not marginal ones, and they are early indications (as there's still a very long way to go) that the country is getting back on its feet.
Citi seems to agree, also that last week's ONS growth figures were just plain wrong!
As long we don't have vast snowfalls or other unseasonal disruption, I expect the overall trend to be broadly positive across the various sectors from now on.
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