UK services industry expands to reach eight-month high
Activity in the dominant services industry accelerated in July, according to the latest major survey of the sector, posting the quickest rate of expansion since last November.
The Markit/CIPs Purchasing Managers’ Index for services climbed to 59.1, up from 57.7 previously, with any reading above 50 indicating growth.
“The domestic economy clearly continued to boom in July,” said Chris Williamson, chief economist at Markit. Samuel Tombs of Capital Economics said the survey data “provides reassurance that the recovery is not losing pace”.
The strong reading, higher than analysts’ expectations, pushed sterling up a third of a cent against the dollar to €1.6887 as traders’ expectations of an early rate rise from the Bank of England strengthened.
However, the survey also suggested that output prices barely rose in the month, which suggests inflationary pressure is not building.
There was also a jump in the equivalent survey of services in the eurozone, which increased to 54.2 in July, up from 52.8 in June.
- 1 Scottish referendum: So how about the English now being given a chance to split from England?
- 2 Friends 20th anniversary: Alison Jackson photographs reunited cast
- 3 London council removes 'unacceptable' Stamford Hill posters telling women which side of the road to walk down
- 4 The response to my Pizza Express review has been overwhelming, and taught me a lot about journalism
- 5 Free U2 album: How the most generous giveaway in music history turned into a PR disaster
Scottish independence referendum: Frankie Boyle reacts to nation's 'No' vote - 'To be fair, I've always hated Scotland'
London council removes 'unacceptable' Stamford Hill posters telling women which side of the road to walk down
Iranian blogger found guilty of insulting Prophet Mohammad on Facebook sentenced to death
Scottish referendum: Police struggle to control Unionist rally in Glasgow's George Square
Hitler’s former food taster reveals the horrors of the Wolf’s Lair
Scottish independence referendum: A nation divided against itself
Scottish referendum results: Cross-party consensus collapses amid Tory-Labour spat on the 'English question'
Scottish independence: David Cameron is becoming the 'George Bush of Britain'
Russia freezes Ukraine into submission: Kiev admits country doesn't have enough fuel for winter
Archbishop of Canterbury admits doubts about existence of God
Portuguese academic says British are 'filthy, violent and drunk'
iJobs Money & Business
£400 - £450 Per Day: Clearwater People Solutions Ltd: **URGENT CONTRACT ROLE**...
Up to £100k or £450p/d: Saxton Leigh: My client is a leading commodities tradi...
£320 - £330 per day: Ashdown Group: The Ashdown Group have been engaged by a l...
To £75,000 + Pension + Benefits + Bonus: Saxton Leigh: My client is looking f...