A closely monitored survey is indicating that the British economy has rebounded during the second quarter.
In their monthly survey of the service sector, financial information company IHS Markit and the Chartered Institute of Procurement & Supply found growth running at a three-month high.
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Their so-called purchasing managers’ index for the sector — a broad gauge of business activity — came in at 54 in May, up from 52.8 the previous month. Anything above 50 indicates expansion.
Chris Williamson, IHS Markit’s chief business economist, said Tuesday that the pickup “adds to evidence that the economy is on course to rebound” during the second quarter.
During the first quarter, the British economy expanded by a quarterly rate of just 0.1 percent. It’s unclear whether that was due largely to wintry weather.
