Wednesday, August 05, 2009
Recovery hopes buoyed by strong data
Posted by David Smith at 09:45 AM
Category: Thoughts and responses

A string of good figures have boosted hopes of an early UK recovery, with the purchasing managers' index for the service sector rising to 53.2, its highest since February 2008 and the third reading in a row above the 50 break-even level between expansion and contraction.

Also out, figures for industrial production for June, which showed monthly rises of 0.5% for both manufacturing and overall industrial output, following disappointing May figures. Production fell in the second quarter but at a markedly slower rate. More details here.

Finally, Halifax said house prices rose by 1.1% in July. The three-monthly price drop in comparison with a year earlier is now 12.1%, while for July alone the fall is now under 10%. Prices have fallen by less than 1% so far this year. More here.