Activity in the UK’s private sector has grown to reach a four-month high in August. This was driven by a “robust upturn” in new business. This is according to the purchasing managers’ index (PMI). This recorded a level of 53.4, up from 52.8 in July. The chief business economist at S&P Global Market Intelligence commented that “August is witnessing a welcome combination of stronger economic growth, improved job creation and lower inflation.” The easing of inflationary pressures, particularly in the services sector, contributed to this growth. The rate of employment growth was the fastest since June 2023. Despite expectations of a slowdown in GDP growth for the third quarter, the PMI suggests a solid quarterly expansion rate of around 0.3%.
BFS Comment:
More encouraging news for the SME’s. With the growth of the UK economy starting to out-perform many other countries now is the time to consider options for growth of your own business. If you need help and advice on the best options to achieve that growth, then call iBOSS on 01237 349 779 or e-mail to info@theiboss.co.uk and ask for a free consultation.