Confidence at services firms hits 7-year high

The Investec Services PMI has reported the fastest rise in new orders since Mar 2007 with services companies reporting that their confidence has hit a seven-year high.

Investec chief economist Philip O’Sullivan said there had been a slight fall in activity but the services industry was still growing.

“Although the rate of growth in business activity (57.1) slowed from the previous month (60.1), it remained higher than the series average. The services sector has now recorded growth for 16 consecutive months and with confidence improving to a seven-year high during November, it is likely to continue to do so for the foreseeable future,” he said.