British services activity inches up in July

British services activity inches up in July

In July, activity in the British service sector surged more than expected, putting an end to two months of dips and spurring optimism over the UK economy because the sector makes up nearly 80% of GDP, as industry data disclosed on Thursday.

As market research group IHS Markit states, the previous month seasonally adjusted IHS Markit/CIPS services purchasing managers’ index went up to 53.8 from June’s reading of 53.4.

Experts had hoped that the index would ascend to 53.6.

On the index, a reading above 50.0 stands for expansion in the industry. On the contrary, an outcome below 50.0 points to contraction.

The research group stressed that the reading appeared to be a moderate uptick from June’s four-month dip and also warned that optimism as for the business outlook was still subdued.

On the other hand, the report confessed that employment numbers tacked on at the fastest tempo since January 2016.

Meanwhile, in London FTSE 100 sank 0.33%.

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