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UK services PMI soars to 59.1 in July
The data is out: the services purchasing managers' index (PMI) was up to 59.1 in July, higher even than June, putting the headline figure at an eight-month high.
The general consensus was that the figures would be up to 58.0 from 57.7. Such an increase could mean a stronger pound.
Any reading above 50 indicates growth, and such a high figure suggests impressive expansion.
At pixel time the pound was already showing signs of strengthening.
Chris Williamson, Chief Economist at Markit, which compiles the survey said:
The vast services economy’s growth surge shows no sign of abating. The July PMI showed the sector expanding at the fastest rate since last November, as demand for services continued to increase at a rate rarely seen in the survey’s 18-year history.The buoyancy of the services and construction sector PMIs suggest the domestic economy clearly continued to boom in July, offsetting the cooling of growth seen in the manufacturing sector.
The results come after positive construction data yesterday and underwhelming manufacturing data last week.
Source: Markit