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"Growth in the vast service sector slowed to a worryingly lacklustre pace in October"
- Chris Williamson, chief economist at Markit
The U.K. service sector expansion slowed sharply in October. The Markit/Cips services purchasing managers' index (PMI) decreased to 51.3 from 52.9 in September, the Markit research agency announced on Thursday. Still, the reading above 50.0 shows industry expansion.
"Another rather disappointing survey adds to fears that the UK recovery continued to lose momentum at the start of the fourth quarter," said Markit's chief economist Chris Williamson.
"Growth in the vast service sector slowed to a worryingly lacklustre pace in October. The sector made a strong contribution to economic growth in the third quarter, but this looks set to wane in the final quarter of the year."