New service business at 8-year high

New business levels at services sector firms grew to their highest level for just over eight years, in September, according to fresh data.

The latest services purchasing managers’ index from specialist bank Investec — which is seen as the primary barometer of health for the sector — also shows a 25th consecutive month of employment growth across services firms. There was an eighth straight month of business activity increases across all sub-sectors (business services, financial services, technology, travel) and good growth in new export orders, particularly from customers in Britain.

Business activity among services companies, at some level, has now increased in each of the past 26 months.