The S&P Global composite purchasing managers’ index (PMI) rose to 53.8 in August from 52.8 in July, ahead of analysts’ predictions of 53.4 and marking a four-month high.
The services sector also saw accelerated growth, with its PMI climbing to 53.7 from 52.5. The increase was attributed to political stability and more settled macroeconomic conditions, which boosted consumer spending.
Tim Moore, economics director at S&P Global Market Intelligence, said: “August data highlighted a recovery in UK service-sector performance as improving economic conditions and domestic political stability helped to bolster customer demand.”
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