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UK economic growth bounces back as services sector expands

Wednesday, Jul 04 2018
UK economic growth bounces back as services sector expands

The UK economy has bounced back from a soft patch in the opening months of 2018, according to a closely watched survey of the services sector that showed stronger than expected activity last month. In the latest sign that bad weather held back the economy during the first quarter, the health check by the Chartered Institute for Procurement and Supply and IHS Markit reported the strongest growth in eight months.

The IHS Markit/Cips purchasing managers’ index rose from 54.0 in May to 55.1 in June, with reports of a robust and accelerated pick-up in activity. Any reading above 50 indicates that the sector is expanding. Ruth Gregory, a UK economist at Capital Economics, said it was possible the survey was underestimating the bounce-back in the economy because its findings did not include reports from retailing, where high-profile business failures were offset in recent months by falling inflation, the royal wedding and the recent fin

More in this category: « Rate of job creation in Spain remains elevated amid solid growth of new business German industrial orders jump in May, but backdrop risky »

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