This growth is even more apparent in the dominant services sector, which grew in every month of 2013.
Last year brought the fastest growth of the UK’s economy since the financial crisis, though that growth seemed to have plateaued in December. Despite a slower end-of-year rate, economists are certain that the economy is set to pick up even further in the months to come.
The Markit/CIPS Purchasing Managers’ Index, or PMI, for the services sector did show a minor drop between November and December of last year, but those ‘lower’ numbers were still far above the average levels expected.
Any score higher than 50 on the PMI for business activity indicates economic growth. December’s PMI came in at 58.5; a positive sign.
“This is still a survey that would have been killed for at the beginning of 2013,” explains chief UK and European HIS Global Insight economist, Howard Archer. “This is still a very strong report overall showing healthy expansion, robust incoming business, markedly rising employment and confidence in the sector at a near four-year high.”
Additional PMI data shows that it isn’t just the consumer-based services sector that’s enjoying widespread growth; finance, IT, and business services are also growing strongly.