Brisker French service sector growth heralds "punchy" Q3 GDP - PMI

Orders boom for factories boosts hiring in eurozone

That was above the 50 point which separates growth from contraction and up from 53.2 in August but it was down on the average levels seen in the first half of 2017.

Growth in Germany's services sector accelerated to a six-month high in September, boosting overall private sector growth and giving Europe's largest economy momentum going into the fourth quarter.

The drop in new orders across the UK's service sector last month is a serious concern, says Duncan Brock of the Chartered Institute of Procurement & Supply.

IHS Markit's final composite Purchasing Managers' Index for the euro zone bounced up to 56.7 last month from August's 55.7.

At 4.30 am ET, UK Markit/CIPS is scheduled to release services PMI for September.

"September data painted an encouraging picture as the sector continued to recover from the disruptions caused by the introduction of GST in July", said Aashna Dodhia, Economist at IHS Markit, and author of the report.

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Modest services activity, combined with a decline in construction and "robust" manufacturing, leaves the United Kingdom on course for "subdued" growth of 0.3% in the third quarter, according to IHS Markit. "This was confirmed as the sector experienced meaningful gains in employment".

The UK economy remained "subdued" in the third quarter of this year according to the latest survey snapshot of the dominant services sector, pointing to another period of weak GDP growth.

It comes after ratings agency Standard & Poor's this week said it was "a bit sceptical" the United Kingdom economy needed an interest rate rise. It suggested recent comments by the central bank about raising rates were meant to push up sterling and cool inflation.

However, economists are concerned that the new business component of the index slipped to 53.3, its lowest level since summer 2016 in the aftermath of the Brexit referendum. Barclays' analysts said the figures... Markit, which compiled the survey, also reported that confidence in the industry was at its weakest in four years.

Several MPC members, including the governor, Mark Carney, have hinted that the committee intends to reverse last year's cut in the base rate to 0.25% at its next meeting in November.

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