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05/04/2002
Services sector reaches strongest level for one year
The UK's services sector has reached its strongest level for a year, a survey by the Chartered Institute of Purchasing and Supply (CIPS) has shown.
According to the report, the sector expanded for its third consecutive month to a seasonally adjusted Business Activity Index figure of 53.8 after overcoming the impact of the September 11 terrorist attacks.
The latest rise in service sector activity reflected an increase in the number of firms reporting an expansion in output in order to meet a further rise in demand for their services.
Commenting on the figures, and playing down any fear of inflation because of world economic problems, Roy Ayliffe, Director of Professional Practice at the CIPS, said: "The Bank of England shouldn't fear inflation at this stage." "Purchasing Managers are exploiting the current environment, securing competitive rates from service sector firms and subduing."
He added: "This means stable interest rates can safely be maintained and consumer spending will help sustain economic recovery."
(MB)
According to the report, the sector expanded for its third consecutive month to a seasonally adjusted Business Activity Index figure of 53.8 after overcoming the impact of the September 11 terrorist attacks.
The latest rise in service sector activity reflected an increase in the number of firms reporting an expansion in output in order to meet a further rise in demand for their services.
Commenting on the figures, and playing down any fear of inflation because of world economic problems, Roy Ayliffe, Director of Professional Practice at the CIPS, said: "The Bank of England shouldn't fear inflation at this stage." "Purchasing Managers are exploiting the current environment, securing competitive rates from service sector firms and subduing."
He added: "This means stable interest rates can safely be maintained and consumer spending will help sustain economic recovery."
(MB)
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Northern Ireland WeatherToday:After a dry start this morning rain will spread from the northwest across all parts. This afternoon will be dull with some patchy rain and drizzle. Becoming much milder through the afternoon. Maximum temperature 11 °C.Tonight:A cloudy evening and night with a little light rain or drizzle, perhaps some clear periods developing along the east coast. A very mild night everywhere. Minimum temperature 10 °C.
