Wednesday, November 04, 2009
Service sector strong
Posted by David Smith at 11:00 AM
Category: Thoughts and responses

The service sector purchasing managers' index recorded another strong rise, up 1.6 points to 56.9, and is now above its long-term average of 56.2. This is powerful recovery evidence. Also today, the Markit report on jobs showed a rise in its permanent placements' index from 51.3 to 54.6, its highest in two years.

On the face of it, these surveys suggest the Bank of England's work is done. I suspect, after recent disappointments in the official data, the monetary policy committee won't see it quite that way.