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Investing.com -- Britain’s services sector expanded at its fastest pace in more than a year in August as new business surged and concerns about U.S. tariffs eased, a survey showed on Wednesday.
The S&P Global Purchasing Managers’ Index (PMI) for the UK services sector rose to 54.2 in August from 51.8 in July, reaching its highest level since April 2024.
The increase in the PMI, which measures activity in the services industry, reflected a significant uptick in new business during the month.
While companies reported relief from easing concerns about potential U.S. tariffs, the survey indicated that firms remained worried about the prospect of tax increases at home.
A reading above 50 on the PMI scale indicates expansion in the sector, while a figure below that threshold signals contraction.
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