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Service sector expands at fastest rate for over six years

4 August 2013

The UK's service sector grew at the fastest rate for more than six and a half years in July. 

This is according to the latest Purchasing Manager's Index (PMI) data from the Chartered Institute of Personnel and Supply (CIPS) and Markit.

Growth was driven by a strong rise in new business and signs of improvement in market conditions, the organisations claimed.

The sector's PMI now stands at 60.2, which is up from 56.9 in June and at its highest level since December 2006.

Employment within the service industry has grown and businesses told CIPS and Markit they expect the economic upturn to continue in the coming months.

Paul Smith, senior economist at Markit, commented: "The service sector appears to have genuine momentum with underlying economic conditions and business confidence rising."

CIPS CEO David Noble said that when combined with positive PMI data for construction and manufacturing, this is a clear sign the UK economy is recovering.

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Categories: Commercial

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