Trade activity rebounds into growth

Written by The Frontier Post

Monitoring Desk

LONDON: Britain’s private sector economic activity returned to growth in July on easing lockdown restrictions, having plunged since March on coronavirus fallout, a closed watched survey showed Friday.

The composite PMI hit a 61-month peak at 57.1 points in July, registering the fastest expansion since June 2015, compilers IHS Markit and the CIPS said in a statement. That compared with a reading of 47.7 in June.

The PMI has now jumped back above the key 50 level to indicate a rebound from contraction into growth.

“July data indicated a marked improvement in business conditions across the UK private sector economy following the easing of lockdown measures to contain the spread of the coronavirus disease,” Markit/CIPS added in the statement.

“The latest survey indicated a return to growth for the service sector and a much faster rise in manufacturing production than seen in June.”

The composite PMI last stood above 50 in February before the pandemic hit. (AFP/APP)

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