Contraction Over! What Now For The UK Economy?

A month after the referendum result, in late July, I wrote a Huffington Post article that the UK economy was contracting, with consumer and business confidence at an all-time low.

It was contracting then. But the more recent data suggests that that may no longer be the case. Monday saw the publication of the Markit/CIPS Services PMI data for August that showed that the confidence of the sector in August had bounced back to 52.9 from July’s low of 47.4, where 50 indicates a net positive result. For comparison, August’s level is a little higher than June, but lower than May.

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