India, Aug. 21 -- UK private sector output expanded at the fastest pace in a year in August, driven by a solid upturn in the service economy, flash survey results from S&P Global revealed on Thursday.
The composite output index climbed to 53.0 in August from 51.5 in July. The reading was also above the forecast of 51.6. A score above 50 indicates expansion in the sector.
The services Purchasing Managers' Index also increased to a 1-year high of 53.6 in August from 51.8 in the previous month. The expected score was 51.8.
Meanwhile, the manufacturing sector remained in contraction, as the factory PMI dropped to 47.3 in August from 48.0 a month ago.
New orders received by the British private sector grew at the fastest pace in ten months, d...