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"The weak growth in services means the economy is likely to have stagnated in the fourth quarter"
- Chris Williamson, Markit's chief economist
U. K. service sector expanded in November at faster pace, compared to October. The Markit/Cips services purchasing managers' index (PMI) advanced to 52.1 from 51.3 in October, said the Markit research agency on Monday. Reading above 50.0 indicates industry expansion.
"The service sector saw a modest expansion again in November, holding up in the face of growing gloom at the health of the domestic economy and heightened uncertainty regarding the euro area's debt crisis," said Chris Williamson, Markit's chief economist.
"However, with manufacturing contracting at a steep pace, the weak growth in services means the economy is likely to have stagnated in the fourth quarter."