Services PMI in the United Kingdom increased to 53.70 points in August from 52.50 points in July 2024.
At 53.8 in August, up from 52.8 in July, the seasonally adjusted S&P Global UK PMI Composite Output Index signalled a solid expansion of private sector business activity.
Total new business growth was only fractionally lower than the 14-month high seen in July, thereby signalling a strong recovery in demand conditions after the soft patch in the run-up to the general election.
Export sales were relatively subdued in August. Latest data signalled only a marginal rise in new work from abroad and the rate of expansion slowest to its weakest since October 2023.
“August data highlighted a recovery in UK service sector performance as improving economic conditions and domestic political stability helped to bolster customer demand. New business again increased at a robust pace after a lull in decision-making earlier this summer,” Tim Moore, Economics Director at S&P Global Market Intelligence said.
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