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Services sector 'grows at substantial pace'
The UK services sector demonstrated strong growth in August.
This is according to the latest Purchasing Managers' Index (PMI) figures from Markit and the Chartered Institute of Personnel and Supply (CIPS).
It found activity in the services sector rose at the fastest pace since December 2006 in August and new business growth has hit a 16-year high. Meanwhile, backlogs have increased at the quickest rate since February 2000.
This positive news has contributed to the industry's PMI rising to 60.5, which is up from 60.2 in July.
Paul Smith, Markit senior economist, said these figures show the service sector's recovery "has legs".
"The UK service sector turned in another stellar performance in August, building on the growth momentum seen during July," he stated.
CIPS CEO David Noble added there is a strong level of optimism in the industry at present and when combined with good performance from manufacturing and construction, the UK's economic outlook is encouraging.
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