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UK services 'continue to recover' from Brexit vote shock UK services 'continue to recover' from Brexit vote
(35 minutes later)
The UK services industry continued to recover in September, after a sharp drop following the EU referendum, according to a closely watched survey. The UK services sector continued to recover last month, after a sharp drop in activity following the Brexit vote, according to a closely watched survey.
The services PMI reading stood at 52.6, down from August's 52.9, but still above the 50 level which indicates expansion, research firm Markit said. The Markit/CIPS services purchasing managers' index (PMI) stood at 52.6, down from August's 52.9, but above the 50 level which indicates expansion.
On Monday, the manufacturing sector recorded its best level for two years. On Monday, the manufacturing sector recorded its best PMI for two years.
Markit said the latest indications cast doubt on the need for further action from the Bank of England. Markit said the latest findings cast doubt on the need for more stimulus action from the Bank of England.
The surveys, which are calculated by speaking to purchasing professionals and business decision-makers across a range of companies, are seen as an early indication of how the economy is performing, since they are released before official GDP data.
"The survey results suggest that the economy has regained modest growth momentum since the EU referendum, with especially strong growth appearing in manufacturing," said Markit's chief business economist Chris Williamson.
"The risk of recession in the second half of 2016 has therefore all but evaporated, and the solid PMI readings for September will cast doubt on the need for any further stimulus from the Bank of England in coming months."
However he pointed out that the pace of expansion had cooled since the beginning of the year, "reflecting widespread concern about the potential future impact of Brexit".