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UK's services PMI jumps in June
03 Jul 2015 12:12
Britain's private-sector services grew more than expected last month, suggesting the economic recovery picked up going into the second half of the year, a survey showed today.
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The Markit/CIPS UK Services Purchasing Managers' Index (PMI) rose by two points in June to 58.5, topping all forecasts in a Reuters poll and staying comfortably above the 50 mark that divides growth and contraction.
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Combined with similar manufacturing and construction surveys earlier this week, Markit said the gain suggested the UK economy expanded around 0.5% from April to June, compared with 0.4%in the first three months of the year.
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But it warned that the recovery looks increasingly unbalanced.
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Growth in British manufacturing declined to its lowest in more than two years last month, according to its survey earlier this week.
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The latest services PMI makes it more likely the Bank of England will want to raise interest rates from a record low 0.5% later this year, Markit said.
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