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Markit: UK services PMI bounces back in August

by ChemOrbis Editorial Team -
  • 05/09/2016 (16:49)
According to media reports, Britain’s services industry rebounded in August from a decrease triggered by Brexit, the vote to leave the European Union in June, a survey showed. This lessened the possibilities of a recession. The survey added to optimistic numbers released last week for the manufacturing and construction sectors.

The Markit/ CIPS Purchasing Managers’ Index (PMI) for the services sector climbed to 52.9 in August after witnessing a seven-year low of 47.4 in July. This jump is the biggest gain recorded in one month in the survey’s 20 year history and beat all forecasts in a Reuter’s poll.

Reuters’ economists forecasted a mild recession in a survey conducted last month following Bank of England’s rate cuts for the first time since 2009. The bank also started quantitative easing again in order to protect the economy from a Brexit shock. For the third quarter, the Bank of England also forecasted 0.1% growth instead of a recession.
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