RE: CIPS UK SERVICES PMI5 Oct 2020 10:47
Though unable to maintain the highs from the previous month, September saw another steady improvement in ssstrading conditions as reduced pandemic restrictions fuelled an expansion in services activity.
New orders from domestic markets grew for the third month in a row, and business-to-business firms enjoyed stronger growth. In particular operations connected to property purchasing, fuelled in part by stamp duty concessions did well. Consumer facing firms remained hampered by covid secure measures and cautious customer spending.
Once again job losses remained the black spot amidst these pockets of recovery. With the seventh consecutive monthly drop in job numbers, redundancies have replaced job hiring
in an attempt to shield firms from rising input costs but these strategies will devastate local communities.