UK services and composite PMI rises in December

The UK Services Purchasing Managers' Index (PMI) for December 2021 was released by IHS Markit, a global research and analytics firm. The index measures the sentiment of purchasing managers in the services sector, which accounts for around 80% of the UK economy.

According to the report, the Services PMI for December rose to 54.9 from 52.7 in November. This indicates that the services sector is expanding at a faster rate than expected, with new business growth and increased demand driving the expansion.

The composite PMI for December, which combines the manufacturing and services sectors, also showed expansion, rising to 53.8 from 51.9 in November. This suggests that both sectors are experiencing growth and contributing positively to the overall health of the UK economy.

It's worth noting that while the PMI is a useful indicator of economic activity, it should be used in conjunction with other data sources to get a more complete picture of the UK economy.