RE: Glenda Price prediction5 Aug 2020 10:41
The UK’s services sector emerged from the doldrums of the coronavirus crisis and returned to growth in July, with activity expanding at its fastest pace since 2015.
A closely watched survey by IHS Markit found that the sector’s purchasing managers’ index (PMI) reading came in at 56.5 in July, up from 47.1 in June and sharply higher than the all-time record low of 13.4 in April.
The services sector is hugely important to the UK economy — it includes finance, law, retail, engineering and consulting — and makes up about 80% of the country’s economic output.
PMIs are an indicator of private sector activity and are given on a scale of 1 to 100. Anything above 50 signals growth, while while anything below means contraction.