U.K. services PMI falls against economists' expectations

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Source: Reuters
© Scanpix/Reuters
U.K.'s service sector expanded at the slowest pace in almost two years last month as new orders declined, adding to signs the nation's economy might start shrinking again. The Markit/CIPS services PMI tumbled to 50.2 from 50.6 in October, missing economists' expectations of an increase to 51.1. However, a composite PMI for the U.K., which includes manufacturing, services and construction rose to 50.2 from 49.6 a month earlier.

"Growth of business activity in the service sector ground almost to a halt in November. Coming on the back of disappointing surveys of manufacturing and construction, the survey adds to worrying signs that the economy faces a renewed slide back into contraction after the temporary growth surge seen in the third quarter," said Chris Williamson, Chief Economist at Markit. 

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