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July 2013 - Central Government

Activity in the UK’s service industry, which amounts for three quarters (75%) of the economy, has soared by the greatest amount for more than two years.  Data from Markit and the Charted Institute of Purchasing and Supply recorded growth in the Purchasing Managers’ Index (PMI) of 54.9 to 56.9 between May and June of 2013.  Any figure above the 50 mark indicates growth.

Markit's Chris Williamson said:

"New orders and job creation across all sectors are now rising at the fastest rates for almost six years, led by the vast services economy, boding well for robust growth momentum to be sustained as we move into the second half of the year."

The Report went on to mention that the strong PMI figures for service industries follows positive readings for the UK’s manufacturing and construction sectors this week. These figures mean that the UK is outperforming the Eurozone – where output for manufacturing and service industries continues to drop off.

Analyst at BNP Paribas, David Tinsley, stated:

"The question remains whether this is enduring and sustainable given the many risks that face the economy, but there is no doubt the economy is having a very good run indeed."

A survey released by the British Chambers of Commerce (BCC) on Tuesday suggested that business confidence in the UK is at its highest level since 2007.

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