Immigrate to the UK Focus on UK Immigration Economy: Data released on Wednesday (November 4) by economic research firm Markit shows that the rebound in UK October services sector activity exceeded expectations, signaling an acceleration in economic growth at the start of the fourth quarter, despite business confidence falling to a two-and-a-half-year low.
Specific data shows that the UK October services PMI was 54.9, higher than the expected value of 54.5, and also higher than the 28-month low of 53.3 reached in September; the UK October composite PMI was 55.4, higher than the expected value of 53.6, and also higher than the previous value of 53.3.
Markit Chief Economist Williamson stated that the rise in the UK October services PMI along with improved corporate hiring may prompt more policymakers to call for an interest rate hike before the end of this year; while dovish policymakers noted that inflationary pressures remained insufficient in October, suggesting there is no need to rush into an interest rate hike.