Boost for busy services sector
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.’