Service sector growth slows to a standstill

THE UK's service sector saw growth slow to its lowest level for five months in September as consumer confidence slipped, according to the latest figures.

- By Henry Saker-Clark

Firms including restaurants, pubs and hotels were impacted by business clients deferring spending “until after the Autumn Budget” and hesitancy from households about big purchases. The S&P Global UK Services PMI survey scored a reading of 50.8 for the month, falling from a previous 16-month high of 54.2 in August.

Any reading above 50.0 means the sector is growing, while any score below means it is contracting.

The closely watched survey was weaker than expected, with economists having predicted a reading of 51.9 for September.