London analysts suggested the recent months have been the worst for the services sector since the financial crash of 2008-9 [Hannah McKay/Reuters]
The United Kingdom‘s service sector stagnated last month in another sign that the economy is subdued.
The figures round off another set of weak industry figures which mean that the UK private sector has suffered its longest period of contraction since the financial crisis.
The closely-watched IHS Markit/CIPS UK services purchasing managers’ index (PMI) ticked up slightly to 50, from a figure of 49.5 in September, which had seen the sector in decline.
This means that output for the sector was flat for the month as a figure above 50 indicates growth, and below that represents contraction.
The sector was subdued