UK service sector activity contracts in September
Publish Date : 2019/10/03 - 11:05

According to the latest IHS Markit data for the UK service sector, the data signaled a contraction in activity in September, and the biggest cut in employment in over nine years.

With both new and outstanding business declining at the end of the third quarter, companies were the least optimistic of future growth of activity since July 2016 following the EU referendum.

"A trio of grim reports on the economy means that the vast service sector has now joined manufacturing and construction in decline. At current levels the surveys mean the UK is facing a heightened risk of recession. Brexit-related concerns dominated the September survey responses, linked by companies to falling sales, cancelled and postponed projects, and a lack of investment,” Chris Williamson, Chief Business Economist at IHS Markit.

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