UK Private Sector Grows at Fastest Pace in a Year, PMI Shows

The UK’s private sector expanded at the strongest pace in 12 months, according to a closely watched survey that suggests businesses are shaking off the impact of tax rises.

S&P Global’s purchasing managers’ index increased to 53 in August, up from 51.5 the month before and well above the 51.6 economists were expecting, according to provisional estimates published Thursday. It was the fourth consecutive month above the 50 threshold that indicates economic growth.