The UK's services sector has grown at its fastest rate in June for over two years.
In a further positive piece of news for the economy, the latest Markit/Chartered Institute of Purchasing and Supply Services Purchasing Managers' Index (PMI) for the UK rose to 56.9 in June.
This was up from 54.9 in May, with a figure above 50 indicating growth. After it was revealed the UK's manufacturing sector rose to 52.5 last month, this may be a sign the nation's economic recovery is picking up speed.
"New orders and job creation across all sectors are now rising at the fastest rates for almost six years, led by the vast services economy, boding well for robust growth momentum to be sustained as we move into the second half of the year," said Markit's Chris Williamson.
The UK's economy grew by 0.3 per cent in the first quarter of the year, but the British Chambers of Commerce has predicted this is going to rise to 0.5 per cent for Q2 2013.
Find up to date information on the FTSE 100 and spread betting strategies at City Index
StoneX Financial Ltd (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.
No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.