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British economy demonstrates steady third-quarter surge
In August, the British services sector speeded up more than anticipated, thus offsetting a deceleration for manufacturing as well as construction businesses, although Brexit fears are affecting investment plans for the year ahead.
In August, the IHS Markit/CIPS Purchasing Managers' Index jumped to 54.3 from July’s outcome of 53.5, thus beating all estimates in a Reuters survey of market experts and soaring further above the 50-mark, which stands for surge.
According to the PMI, there has been a repeat of the UK economy's 0.4% quarterly surge ate observed for the three months to June.
The British economy has speeded down since the June 2016 Brexit vote.
Nevertheless, in August, the Bank of England had interest rates lifted for the second time for ten years because of worries that labor shortages as well as other capacity constraints are going to prevent inflation getting back to its 2% objective in the short term.
In the services sector, employment intentions rallied to a six-month maximum, although confidence for the year ahead dived to its lowest value since March because businesses told that Brexit uncertainty had made customers less willing to invest.
By the way, UK Prime Minister Theresa May is expected to agree the terms of the country’s future relationship with the EU, which is less than seven months before Great Britain leaves the trading bloc.
Financial services turned out to be the key contributors to the surge. UK businesses posted softer demand from retailers.
A great number of clients are heavily affected by inflation, which has been ascending faster than their salaries for much of the previous decade.
Businesses in the PMI poll posted paying higher wages to recruit hard-to-find employees. Moreover, they have reduced employee turnover, which was restricting their ability to have some projects completed.
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