The services PMI fell in January 2010 according to a recent CIPS survey after the promising signs of recovery of last year. The index fell to 54.5 from 56.8. The weather was blamed for much of it and VAT blamed for the the rise in input prices.
The PMI for manufacturing reached a 15 year high in January 2010. The rise in the index of 56.7 from 54.6 is the highest since October 1994. New orders increased at the fastest for 6 years and new export orders are rising.
The CIPS index for the construction industry also reported a slight rise. The PMI for construction increased from 47.1 to 48.6 but the industry is still in contraction with declines in new orders and a weak fall in employment. There is still optimism about the future.
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