Britain’s services sector recorded its strongest expansion in over a year last month, driven by rising demand and fading concerns about possible U.S. trade tariffs, according to survey data released Wednesday.
The S&P Global Purchasing Managers’ Index (PMI) for UK services rose to 54.2 in August, up from 51.8 in July, marking the highest level since April 2024.
The improvement in the index, which tracks activity across the services industry, was fueled by a sharp increase in new business.
Although businesses welcomed the easing of U.S. tariff risks, the report noted that many remain uneasy about potential domestic tax hikes.
On the PMI scale, a reading above 50 signals sector growth, while figures below that level point to contraction.
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