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PMI could indicate potential reduction in future debt problems

PMI could indicate potential reduction in future debt problems

- Friday, 6 November 2009

The service sector experienced its highest growth in activity for two years, new research indicates.

According to the Chartered Institute of Purchasing and Supply (CIPS)/Markit Purchasing Managers' Index (PMI) for UK services, the sector is in growth having registered a 56.9 - anything above 50 denotes fiscal improvement.

Wider economic growth could impact upon individuals' financial positions and, as such, there could be a reduction in the need for debt advice.

Benjamin Williamson, economist at the Centre for Economics and Business Research (CEBR), backed the PMI readings.

He commented: "The PMI traditionally has been a very good indicator and continues to be a good indicator of economic growth.

"It shows that [activity] is steadily increasing - but it is increasing slowly. You would expect that output will start to grow by the end of the year."

October's PMI was 1.6 points higher than September and above the long-term average for the series.

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