Services sector activity picks up slightly in July

Services sector business activity picked up slightly in July.

The flash PMI reading on the services sector from Markit Economics came in at 55.2.

Economists had forecast that the index edged up to 55.0 for July from 54.8 in June, according to Bloomberg.

The report noted that new work rose at the fastest pace since April. However, confidence in the business outlook is at its lowest level since June 2012.

In the release, Markit chief economist Chris Williamson wrote, “Having indicated a worrying slowdown in June, the flash PMI surveys showed that both the services and manufacturing sectors enjoyed modestly stronger growth in July.”

“The PMIs also suggest that first quarter GDP growth will be revised to show a stronger start to the year than previously thought, adding to the upbeat tone of the economy’s performance so far this year.”

Here’s the latest chart of the index:

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