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U.K. Services Slump to 17-Month Low as Growth Cools

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Growth at U.K. service companies slowed to the least in 17 months in October as demand cooled, preventing companies from raising prices.

Markit Economics said its Purchasing Managers’ Index dropped to 56.2, the lowest since May 2013, from 58.7 in September. A reading above 50 indicates expansion. Economists had forecast 58.5, and the pound extended its decline against the dollar after the report.