UK services sector returns to growth

The UK’s services sector, which includes hospitality, finance and transportation, returned to growth last month, according to a survey by S&P Global.

The S&P Global UK Services Purchasing Managers' Index, published on Wednesday, rose to 52.1 in July from 48.8 in June, its first growth since April and above an earlier provisional or flash reading of 51.8.

The reading signals continued expansion in the services sector, which accounts for roughly 80% of UK economic output.

"Stronger growth projections for the year ahead partly reflected hopes of de-escalating Middle East tensions and recent signs of easing inflationary pressures," said Tim Moore, economics director at S&P Global Market Intelligence.