Seeking Alpha

U.K. services sector completes "glowing picture" of economy

  • The U.K. services sector expanded at the fastest rate for over 6 1/2 years in August, with the Business Activity Index rising to 60.5 from 60.2 in July.
  • New business growth was the strongest in more than 16 years, while the rise in backlogs was the largest since February 2000.
  • The sector's recovery "has legs," says Markit.
  • The reading, along with strong manufacturing and construction PMIs, "completes a glowing picture for the U.K. economy," says the Chartered Institute of Purchasing & Supply. (PR)
  • The pound is +0.3% at $1.5606, but the FTSE 100 is -0.5%.
  • ETFs - Stocks: FKU, EWU, EWUS, DXPS. Currency: GBB, FXB.
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