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Rebound in services sector fuels growth hopes

The CIPS/Markit purchasing managers' survey for the services sector has recorded a four-month high of 55.9 for November, above expectations of 55 and five points higher than October's reading of 54.9. Markit says the positive data should help Q4 UK GDP grow by 0.6%, up from 0.5% in the previous three months. This puts the economy on course to have grown by 2.4% in 2015. The survey also showed that average input prices paid by companies continued to rise, with businesses citing rising salary pressures. Berenberg's Kallum Pickering said the figures prove the Bank of England is being too cautious about the pace of economic recovery, and urged for an earlier return to gradual interest rate increases to save having to bring in more aggressive hikes later on if inflation is allowed to overshoot the 2% target.

 

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