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UK services sector showing signs of recovery

The UK economy is basically centred round the services sector which has been hammered over the last 18 months. However, today we saw further evidence of a recovery with the fourth consecutive month of expansion revealed by the latest Purchasing Managers Index. The index rose from 53.2 in July to 54.1 last month with anything above 50% indicating that those in the sector believe growth is on the way.

Despite signs only a few weeks ago that the UK government was ready to invest significant funding into the UK manufacturing sector it is still the UK services industry which will pull the economy out of recession and back onto a growth path. Indeed some analysts now believe that the UK economy could move into a growth phase in the third quarter of 2009 although this is a comment which does not hold sway in all areas.

The fact that the sector is certainly moving into positive ground is obviously very encouraging although as Alistair Darling suggested only today, there is no room for complacency with regards to additional funding and support for the UK economy going forward. The recovery may be underway but it is still very fragile at this moment in time.

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