U.K. Services Surge Indicates GDP Rebound as BOE Officials Meet

U.K. services growth accelerated more than economists forecast in August, suggesting the economy may be recovering from a slump and adding to the case for the Bank of England to refrain from expanding stimulus tomorrow.

A gauge based on a survey of purchasing managers surged to 53.7, the highest in five months, from 51 in July, Markit Economics and the Chartered Institute of Purchasing and Supply said in London yesterday. Economists had forecast an increase to 51.2, according to the median of 28 estimates in a Bloomberg News poll. A reading above 50 indicates growth.