October 2017 UK Markit/CIPS services PMI 03 November 2017
- Prior 53.6
- Prices charged 54.2 vs 53.9 prior. Highest since Apr
- Composite 55.8 vs 53.8 exp. Prior 54.1
- Employment 52.6 vs 53.2 prior/. Lowest since Mar
- Markit say the data is consistent with UK GDP at 0.5% q/q
GBPUSD has another walk up towards the 100 DMA at 1.3081, reaching as far as 1.3075.
An interesting note on prices;
Input prices continued to rise sharply at service sector firms in October. This was linked to a variety of expenses, including higher food prices, energy bills, transport costs and staff salaries. However, the overall rate of input cost inflation eased to its lowest in over a year. Meanwhile, prices charged inflation continued to rise in October, reaching a six-month high.
That could mean we’ll start to see better wage numbers from the labour data.