Details of the December 2015 UK Markit/CIPS services PMI data report 6 January 2016
- Prior 55.9
- New orders 56.4 vs 56.7 prior
- Composite 55.3 vs 55.8 prior. Revised to 55.7
- New orders 55.7 vs 56.2 prior
On the face of it, a steady number and nothing the market needs to fret about
Markit note that employment increased at a "robust pace" but at the weakest in 5 months. Input prices rose the strongest in 5 months and was mainly linked to wages. Prices received by firms gained marginally
David Noble of CIPS says:
"Service providers were still tackling rising levels of unfinished work in December - now 32 increases in 33 months as the outstanding business index remained above neutrality. With increased business margins as a result of ongoing lower fuel and commodity prices, wages were up. Businesses tried to retain talented staff by rewarding good performance and continuing to increase capacity to meet further strong growth in new business. Some respondents reported the enduring difficulty of finding skilled individuals when needed. Through new lines of business, ongoing - if slightlymuted - optimism for the future, new marketing activity and a three-year continually sturdy rise in output from the sector, stability and modesty are the watchwords for this month."
Chris Williamson of market says that the survey suggests GDP of 0.5% in Q4
UK services PMI
All said and done, the pound has not done a lot between 1.4628 and 1.4645
