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Updated Saturday, September 4, 2010 11:16 pm TWN, LONDON, Reuters

UK August services PMI falls to 16-month low as hiring falls

British service sector activity grew last month at its slowest pace since April 2009, with a marked fall in hiring as employers worried about an economic slowdown and public spending cuts, a survey showed on Friday.

The headline Markit/CIPS services purchasing managers' index dropped to 51.3 in August from July's 53.1, a much sharper fall than the decline to 52.9 forecast in a Reuters poll.

The downbeat services reading follows bigger-than-expected falls in the PMIs for manufacturers and construction, though all are still above the 50 line that divides growth from contraction.

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