U.K. services sector expand less than forecast in September

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Source: Forexpros
© Scanpix/Reuters
U.K. service sector output advanced at a weaker-than expected rate in September, as economy posted the first net decline in employment in last ten months, Markit Economics said on Wednesday. The seasonalized Services Purchasing Managers Index dropped 1.5 points to 52.2, compared to 53.7 in August. Analysts had forecast a reading of 53.1.

"With no Bank Holidays until Christmas and the Olympics finished, we now have a three month clear run, without disruptions, to try and get a sense of where the sector – and the economy – really is," said David Noble, Markit chief executive officer.

Following the data, the Pound tumbled versus the U.S. Dollar, with GBP/USD loosing 0.19% to 1.6103.
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