The index of services from the ONS reported a positive index number for the first time since October 2008. The total service industries indicator increased by 0.1% year-on-year in February 2010 after a fall of 1.2% in January. The monthly indicator also increased by 0.6% on January 2010.
Three of the five components that make up the index reported positive indicators. Distribution increased 3.7% mainly due to the increase retail of 5.4%, transport, storage and communication 0.6% partly due to transport services, and Government and other services 0.1% due to health and social work increasing 2.4% but being partly offset by a fall in recreation of 5.5%. The other two components, hotels and restaurants and business services and finance, both recorded decreases of 0.9% and 1% respectively. The main factor in the decrease in the indicator for hotels and restaurants was pubs and clubs. The business services and finance sector decrease was mainly down to banks with a decrease of 6.8%.
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