Production Pick-up Raises Recovery Hopes
Friday, August 7, 2009 9:13
The prognosis for the UK’s economic recovery was given a welcome fillip by two lots of unexpectedly good supply side data.
First of all, the services sector survey for July indicated that the business activity is growing at the fastest rate for 17 months. The Purchasing Managers’ Index indicated that new business is at a sixteen-month high and the rate of decline in outstanding business was at its lowest for 15 months. Secondly, the manufacturing PMI also indicated that output was better than expected in June, rising by 0.4% month-on-month, which is the best performance ever since the start of 2008.
After discouraging GDP figures last month revealed the economy fared more poorly than had been expected in the second quarter for the year, these two surveys will help boost hopes that UK’s economy can return to growth in the third three months.
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