Services growth slow but optimism at 14-month high

The latest data on the health of the services sector has revealed a strange coincidence with growth slowing to a 14-month low at the same time as optimism crept up to the highest levels seen in the same period.

Investec’s latest monthly services purchasing managers’ index (PMI) reveals that despite the drop off in the rate of growth, the sector continues to expand.

The headline PMI has fallen over the past four months to 60.6 — a level that still represents strong levels of growth.