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UK services sector showing signs of life

A survey by the Chartered Institute of Purchasing and Supply has given hope to those looking for a recovery in the UK economy later in 2009. The first time since last April the index is above 50% (at 51.7%) which indicates the fact that those surveyed believe the UK service sector is starting to grow again. This is by far and away the most optimistic view we have seen for some time in the UK services sector and has given hope to those looking for a quick recovery.

When you also consider that the Nationwide consumer confidence index also rose by two percentage points during May you could be forgiven for thinking the tide is turning. However, there are many issues in the UK which could come back to cause significant trouble including the potential calling of a general election, further financial problems in mainland Europe, a potential delay in the recovery of the US economy and the massive debt taken on by the UK government.

Many investors and analysts will not fall into the trap of reading too much into one set of figures and will instead be looking for two, three or more months of positive news before realigning their forecasts and their figures.

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