UK service sector expanded at an accelerated rate during July as a result of higher demand and improved market conditions.
The Markit/CIPS Purchasing Managers’ Index® (PMI®) posted 55.4, the strongest rise in four months. Employment was recorded to be fractionally lower and input costs remained elevated.
David Noble, CEO of CIPS, said “These are surprisingly strong figures for the UK Services sector, following on from a disappointing manufacturing PMI at the start of the week. However, it’s far too early to expect any improvement on employment figures as any green shoots will need time to blossom before businesses confidence can improve.
“Business Services and IT & Computing are looking pretty upbeat, but it remains to be seen whether nerves about difficult economic conditions in the US and Eurozone will start to have a greater impact on demand."
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