Wednesday, March 03, 2010

BBC News - Service sector growth hits 'three-year high'

The service sector in the UK grew at its fastest monthly pace in three years in February, providing further evidence of the economy's recovery.

The Chartered Institute of Purchasing and Supply (CIPS) index rose to 58.4 from 54.5 the previous month, its highest since January 2007.

The index allayed fears among some economists that the UK could slip back into recession in the current quarter.

The service sector is a vital component of the UK economy.

Any index score above 50 indicates growth.

"It's a staggering rise which suggests the services sector in the UK is in rude health," said David Page at Investec.

BBC News - Service sector growth hits 'three-year high'

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