UK Economy Showing Strong Recovery

The headline seasonally adjusted UK Composite Output Index registered 57.1 in July, up from 47.7 in June, according to data by the IHS Markit and CIPS survey.

The improvement in business conditions across the UK helped the private sector economy in restoring recovery signs against the COVID-19 crisis.

The flash UK Services Business Activity Index recorded 56.6 in July, reaching a new 60-month high.

Meanwhile, the flash UK Manufacturing Output Index registered 59.8, while the flash UK Manufacturing PMI reached 53.6.

For the first time since February, the index recorded a reading above 50, which signals growth.

Data has indicated a return to growth for the service sector and a much faster rise in manufacturing production than in June.