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UK services sector rallies after wobble

By Staff Reporter

Output in Britain's powerhouse services sector, which includes everything from restaurants to estate agents, continued to recover last month from a shock contraction after the Brexit vote as new business expanded at its fastest pace since February.

The closely watched Markit/CIPS services purchasing managers' index (PMI) showed a reading of 52.6 in September, down from 52.9 in August but above economists' expectations of 52.

A reading above 50 indicates growth. The update comes after the industry, which accounts for around three-quarters of the UK economy, slumped in the first month after Britain voted to leave the European Union.

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