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UK service sector sees V-shaped performance recovery

06 August 2020

According to the IHS Markit/CIPS UK Services PMI report published this week, the sector returned to growth levels in July.

It achieved a figure of 56.5, easily passing the 50-point level required to show growth compared to the previous month.

The market performance figures have risen sharply since the easing of UK lockdown restrictions after falling to a record-low level of 13.4 in April.

Its encouraging July figures follow on from the 47.1 recorded by the services sector in June and have been further supported by increasing confidence.

Contributing companies said the continued growth had been driven by companies reopening their facilities and increasing their spend.

Approximately 38% of contributors had seen increased business activity in July, while 24% had seen a decline.

Just 7% of service providers had reported increased output in April and this had grown to 13% in May and 28% in June.

Having risen from a record-low point in April, contributors thought it would be some time before they saw business levels return to the pre-Covid-19 level.

Despite the encouraging signs, job numbers have continued to fall, although this is expected to change if activity levels continue to increase.

The positive response seen within the service sector is also regarded as good news for the UK economy as a whole, as it contributes around 80% to economic output on an annual basis.

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