Activity in the UK’s services sector improved in July, according to the IHS Markit purchasing managers’ index for services.
It climbed to 51.4 in July, from 50.2 in June, the highest since October. A reading above 50 indicates that a majority of businesses reported increased activity.
Despite the improvement, services sector activity has averaged 50.3 so far this year, down from the 2018 average of 53.
“While services activity grew in July, this marginal improvement on last month is a smokescreen,” said Duncan Brock, group director at the Chartered Institute of Procurement & Supply.
“Fundamental weaknesses remain in a sector pinned down by Brexit uncertainty and increasingly stagnant global economic growth.”
Article from London Loves Business.