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. The headline seasonally adjusted Business Activity Index registered 60.5 in August. Improving on July’s 60.2, the latest reading was the highest in over six-and-a-half years. Over a quarter of ... (full story)