-
UK service sector grows much faster than expected in May - CIPS/Markit
Britain's service sector grew much faster than expected in May with new business increasing at its fastest rate in over three years, a survey showed on Wednesday, showing that the economy is picking up speed. The Purchasing Managers' Index (PMI) for services, produced by Markit and the Chartered Institute of Purchasing & Supply, rose to 54.9 in May from 52.9 in April. That was the strongest reading since March 2012 and easily beat the top forecast of 53.6 in a Reuters poll of 30 economists. The median forecast was 53.0. The figure was helped by better weather and was boosted by a rise in new orders which hit ... (full story)