Purchasing managers' index reveals British service sector soars in August
ReutersLONDON -- Wednesday's Markit/CIPS UK services purchasing managers' index (PMI) rose to 60.5 in August from 60.2 in July, adding to a run of data suggesting the UK economic recovery is gathering momentum.
September 5, 2013, 12:22 am TWN
The reading was the highest since December 2006, holding well above the 50 threshold dividing growth from contraction for the eighth consecutive month. Economists polled by Reuters had predicted growth would slow slightly to 59.0.
Instead, order books at companies ranging from banks to restaurants filled at the fastest pace since May 1997, the month Tony Blair became prime minister.
Like the previous month, the PMI showed British businesses were at the forefront of Europe's nascent economic recovery, outpacing major euro zone peers that are still grappling for momentum.