The UK’s service sector activity grew at its fastest pace in four months in August, fueled by a post-election surge in business activity and new work, coupled with easing inflationary pressures, according to the latest data from S&P Global.The S&P Global Services Purchasing Managers’ Index climbed to 53.7 in August, up from 52.5 in July, with a final reading slightly higher than the preliminary estimate of 53.3.The survey attributed the increase in business activity to an improved economic environment and a correlated rise in consumer spending willingness.Although new business growth was slightly below the 14-month peak observed in July, it still signaled a robust recovery in demand following a lull before the general election.Conversely, export demand remained relatively weak in August, as sales to EU clients were hindered by Brexit-related trade issues.The service sector saw employment rise for the eighth consecutive month, driven by increased workloads and long-term expansion plans.On the pricing front, input price inflation dropped to its lowest level since early 2021, and selling price inflation hit a three-and-a-half year low in August.Looking forward, British service providers continue to have a positive outlook on business activity for the coming year, buoyed by a favorable economic forecast. However, confidence levels have moderated due to heightened business uncertainty ahead of the Autumn Budget.The composite output index, which measures overall private sector activity, rose to 53.8 in August from 52.8 in July, marking the fastest growth in four months.The material has been provided by InstaForex Company – www.instaforex.com
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