RTTNews - The UK service sector expanded for the third straight month in July, a report from the Chartered Institute of Purchasing and Supply and Markit Economics showed Wednesday.
The CIPS/Markit services purchasing managers' index or PMI rose to 53.2 in July from 51.6 in June. The PMI had hit a record low of 40.1 in November 2008.
A reading above 50 indicates expansion in the sector, while a reading below 50 signals a contraction.
Paul Smith, Senior Economist at Markit Economics said, While the improvement in the performance of the services industry has been remarkable in many respects, it should be noted that growth is from a low base and the recession has left companies with a high degree of excess resources.
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