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| Recession fears 'fade' as UK service sector grows | |
| (35 minutes later) | |
| The UK's dominant services industry rebounded sharply in August, according to a closely-watched survey. | The UK's dominant services industry rebounded sharply in August, according to a closely-watched survey. |
| The Markit/CIPS purchasing managers' index showed activity in UK services saw its largest month-on-month rise in the survey's history. | The Markit/CIPS purchasing managers' index showed activity in UK services saw its largest month-on-month rise in the survey's history. |
| The index rose from 47.4 in July to 52.9 in August. A score above 50 indicates expansion. | |
| It adds to recoveries in manufacturing and construction to suggest "recession will be avoided", Markit said. | |
| The pound rose sharply after the report was released, jumping 0.6% against the dollar to $1.3366. | |
| Chris Williamson, chief business economist at Markit, said it remained too early to say whether August's upturn was the "start of a sustained post-shock recovery, but there's plenty of anecdotal evidence to indicate that the initial shock of the June vote has begun to dissipate". | |
| He added: "Many companies are seeing business return to normal either simply by customer confidence rising or a stoic determination to 'Buck Brexit' and carry on regardless." | |
| The UK services industry, which includes financial services through to cafes and shops, accounts for about 80% of the UK economy. |