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 California man brutally beat 82-year-old Sikh grandfather he mistook for 'one of those people'
- 3 Charles Kennedy 'had better judgement drunk than many sober politicians' says Ian Hislop
- 5 We have six months to save the world, says leading economist
California man brutally beat 82-year-old Sikh grandfather he mistook for 'one of those people'
Sepp Blatter resigns: FBI are investigating outgoing Fifa president, claims report
Alton Towers crash: Four seriously injured and 16 guests trapped as Smiler ride carriages collide
Gay teenager 'forced to have sex with his own mother' to 'cure' his homosexuality, campaigners in India say
Charles Kennedy 'had better judgement drunk than many sober politicians' says Ian Hislop
Thousands of teenage girls enduring debilitating illnesses after routine school cancer vaccination
Migrants in Kos: Photos show real tragedy after Brits abroad complain of 'awkward' holidays
British tourists complain that impoverished boat migrants are making holidays 'awkward' in Kos
Michael Gove determined to scrap the Human Rights Act – even if Scotland retains it
Threat to scrap Human Rights Act could see UK follow Nazi example, warns UN official
Church of England 'one generation away from extinction' after dramatic loss of followers
iJobs Money & Business
£30000 - £35000 per annum: Recruitment Genius: The UK's fastest growing, multi...
£70000 - £90000 per annum: Recruitment Genius: A Financial Reporting Manager i...
£23000 - £25000 per annum: Recruitment Genius: They win lots of awards for the...
£13500 - £20000 per annum: Recruitment Genius: This nationwide enforcement com...