The latest Markit/CIPS purchasing managers' index shows that the UK’s service sector rebounded strongly in August, its largest month-on-month rise in the survey's history, compensating for the dramatic fall in July following the Brexit vote.
The index rose from 47.4 in July to 52.9 in August (a score above 50 indicates growth). The return to growth for the services sector, which accounts for around 80 per cent of the UK economy, adds to signs last month of recovery in manufacturing and construction. The figures are a positive indication that the UK may avoid a recession, Markit said, with services effectively returning to pre-referendum levels.
At Beavis Morgan, we have extensive experience of working with clients in the service sector and our professionals are acknowledged experts in issues affecting organisations operating in this industry. If you would like to discuss any aspects of your business including how we can help you improve business performance, contact Steve Govey or your usual Beavis Morgan Partner.