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Supplier prices take their toll on service sector
Higher supplier prices and slow order growth has led to a virtual standstill in the growth of the service sector in the UK, according to the latest figures from the Chartered Institute of purchasing and Supply (CIPS) and research group NTC.
Service sector activity fell from 52.1 in March to 50.4 in April – its lowest level since 2003.
The news comes as the Bank of England’s monetary committee prepares to meet later this week, and could revive expectations of a further rate cut, given similar activity falls in both the manufacturing and construction sector.
CIPS’ measure of business expectations also fell from 65.8 to 65.3 last month, it’s lowest level since September 2001, and although many companies were still reporting rising orders, many said that trading conditions remained tough.
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