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

|By:, SA News Editor

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%.

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