According to recent reports on the BBC Business News website, activity in the UK service sector is at its slowest pace in over two years.
It reinforces the fact that the underlying economic conditions remain tough.
Official figures indicate that the UK economy grew by one per cent in the period between July and September 2012. However, this early indicator that the recession was lifting was marked by latest UK services PMI data that gives a clear signal that the road to full economic recovery may yet be a lengthy one.
The manufacturing sector shrank in October according to the PMI survey figures. In the construction industry, while output was improving, new work and employment had shrunk.
The PMI reading gave rise to discussion on whether the Bank of England may now increase quantitive easing. Under this process, the Bank buys government bonds in a bid to create benefits for the economy.
The Centre for Economics and Business Research (CEBR) suggested in their report that the UK would be the fastest growing major economy in Europe over the course of the following two years. They indicated that the Eurozone would register growth of 0.4% in comparison to the UK?s 1.4%.
It remains to be seen how this economic recovery will unfold, but it appears it may take longer than initially predicted.
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