Latest PMI figures suggest services sector nudging closer to recovery

FIGURES tracking progress in December suggest the services sector, although technically still in decline, is nudging closer to recovery.

The latest monthly Purchasing Managers’ Index (PMI) for the services sector, published yesterday by NCB Stockbrokers, rose to a reading of 48.3 points in December. While still in negative territory, it was a solid move towards 50 points and up on the 46.8 November reading.

Although new business orders continued to fall in December – though at a slower rate – and staffing levels fell further, companies remained optimistic about activity levels being higher this time next year.