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Service sector reports growth in July

Activity in the UK's services increased in July, according to data released by the Chartered Institute of Purchasing and Supply (CIPS) and Markit survey.

Just under 25% of service sector companies in Britain reported an increase in sales from the previous month, compared to only 16% that reported a downturn.

These figures have led to a balance of 53, the third consecutive month that the figure has been over 50. Anything over 50 equates to economic growth.

"While the improvement in the performance of the services industry has been remarkable in many respects, it should be noted that growth is from a low base and the recession has left companies with a high degree of excess resources," said Paul Smith, economist at Markit.

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Post Date: August 5th, 2009