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    Home » UK Services Growth Plunges to 10-Month Low on Rising Omicron Variant Cases
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    UK Services Growth Plunges to 10-Month Low on Rising Omicron Variant Cases

    January 6, 20221 Min Read
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    Growth across the UK services sector dropped to a 10-month low, as the emergence of the Omicron variant slowed the UK recovery.

    • Services firms struggled with a significant decline in spending on face-to-face consumer services, rising business uncertainty, and disruption due to staff absences as Covid-19 continued to hurt the economy.
    • The UK services PMI fell to 53.6 in December, from 58.5 in November. That figure signals the weakest pace of growth since the recovery from lockdown measures started last spring.
    • Tim Moore, economics director at IHS Markit stated that December figures signaled a significant loss of momentum for the UK economy as many customer-facing businesses suffered a decline in demand.
    • On the brighter side, job creation remained fairly solid, cost pressures eased from November’s record-high and output growth expectations improved marginally.

    Meanwhile, the UK economy took a hit last month as Omicron struck hospitality forms and many office staffs attended to their jobs from home. 

    FTSE 100 down -0.31%, GBP USD down -0.14%

    Source: IHS Markit

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