The UK Service Sector Is On Such A Tear

WOW.

The UK Services PMI Index just blew the doors off. The index is up from 60.2 to 60.5. That’s the highest in 6.5 years.

From Markit:

Key Points:

  • Activity rises at sharpest rate since December 2006
  • New business growth strongest for over 16 year
  • Greatest rise in backlogs since February 2000

Summary:

August’s survey of UK service providers signalled continued strong growth of activity and new business. Activity rose at the sharpest pace since December 2006, while growth in new work was the best seen since May 1997. Capacity continued to be tested, with backlogs of work rising at the sharpest pace for over 13 years. However, employment broadly stagnated, in part due to an inability of service providers to replace leavers.

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