London, United Kingdom (4E) – British key services sector grew at the fastest rate so far in 2014, while employment growth across the private sector advanced.
The monthly services purchasing managers index (PMI) by data firm Markit and the Chartered Institute of Purchasing & Supply topped expectations and climbed to 58.7 in April, up from 57.6 in March and the highest level since December last year.
A figure above 50 indicates expansion in activity, and below that level denotes contraction.
When combined with the PMIs from construction and manufacturing, the all-sector PMI that gauges private sector activity across the UK suggests a quarterly growth of 0.8 percent in gross domestic product.
The rise in the services PMI was also helped by the growth in new business in April, similar to that reported in the previous month, while employment growth also climbed. The PMIs suggest that 100,000 jobs were created in the private sector in April.