Boost for busy ser­vices sec­tor

Daily Mail - - City & Finance -

THE ser­vices sec­tor picked up in Au­gust, sug­gest­ing the econ­omy is on track for a strong quar­ter.

Re­search firm IHS Markit said its in­dex of ac­tiv­ity in the ser­vices sec­tor – where scores above 50 show growth – rose from 53.5 in July to 54.3 last month.

The sec­tor, which in­cludes ev­ery­thing from hair­dressers to in­vest­ment banks, makes up 80pc of the econ­omy.

Chris Wil­liamson of IHS Markit said it sug­gests there will be healthy eco­nomic growth of 0.4pc in the three months to Septem­ber. Wil­liamson added: ‘This is a rel­a­tively ro­bust and re­silient rate of ex­pan­sion that will no doubt draw some sighs of relief at the Bank of Eng­land af­ter the rate hike.’

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