Private service sector activity falls for second month running and at fastest rate in survey history, as adverse effects of September 11 are increasingly widely felt.
The latest CIPS survey of the UK services economy recorded contraction for the second consecutive month in October. Moreover, the rate of decline in activity accelerated through the month to the fastest in the survey history. The latest decline (like September’s) is a continuation of the downward trend in UK and global economic activity, which has been exacerbated by the terrorist attacks in the US. The economic uncertainty following the attacks and the plunge in consumer and business confidence continued to severely affect activity in October. The Business Activity Index fell to 46.3 in October from 48.1 last month to signal an acceleration in the rate of decline.
OCTOBER – PURCHASING MANAGERS’ SURVEY FOR SERVICES
