Bulletin

Service sector slide dents growth hopes

Coins - Sterling continued to slide against the dollar - SantanderCB

Sterling continued its slide against the dollar yesterday as a survey showed an unexpected slowdown in the UK's service sector. In a setback for prospects of strong third-quarter growth, the Markit/CIPS service purchasing managers' survey fell to 55.6 in August, the slowest pace of expansion in over two years. All three PMI surveys - construction, manufacturing and services - have underperformed market expectations this week, and Markit chief economist Chris Williamson said the figures suggested overall economic growth would slow to 0.5% in the third quarter of the year, down from 0.7%. 'Even after allowing for the usual seasonal lull in business activity, August saw an unexpectedly sharp slowing in the pace of UK economic growth, which will add to current worries among dovish policymakers at the Bank of England,' he said.

 

Note: News bulletin content has been provided by a third-party and is not the opinion of Santander.

Other Articles

GoJumpIn

The sky is seemingly the limit for a company which has got us all jumping with excitement as they secure a Santander funding deal to make…

Bulletin
Food and drink exporting opportunities in the UAE

Richard Cuda, Director - Strategic Banking Alliances, International, Santander UK says UK food and drink manufacturers should seriously…

Bulletin

According to DIT, of the 2.5 million businesses registered in the UK, an estimated 360,000 who have an exportable product or service…

Bulletin
GoJumpIn

The sky is seemingly the limit for a company which has got us all jumping with excitement as they secure a Santander funding deal to make…

Bulletin
Food and drink exporting opportunities in the UAE

Richard Cuda, Director - Strategic Banking Alliances, International, Santander UK says UK food and drink manufacturers should seriously…

Bulletin

According to DIT, of the 2.5 million businesses registered in the UK, an estimated 360,000 who have an exportable product or service…

Bulletin

Where Next?