"The three UK PMI surveys collectively signalled the fastest rate of economic growth for eight months in April"
-Chris Williamson, chief economist at Markit
Growth in activity in the Brittan's dominant services sector improved more than expected in April, raising hopes that the U.K. economy could be stabilising. The nation's purchasing managers' index, from data firm Markit and the Chartered Institute of Purchasing and Supply, beat analysts' estimates and surged to 52.9 last month, up from 52.4 in the previous month. The services report also showed the strongest increase in new work in almost a year, due to the improved sentiment within the country, better weather and increased overseas demand. All three sectors are showing signs of recovery, and the fact that Britain avoided falling into a triple-dip recession is signalling the economy may be finally gaining some ground.
"The three UK PMI surveys collectively signalled the fastest rate of economic growth for eight months in April. The improvement reflected a strengthening upturn in service sector business activity," said Chris Williamson, chief economist at survey compilers Markit.
"Today's release marks a hat-trick of upside surprises for April," said Simon Hayes, UK economist at Barclays. "Recent activity indicators have had a more encouraging tone and add to the case for the Monetary Policy Committee holding policy when it meets next week."
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