Services industry continues to grow

The number of people employed by businesses in the service industry rose again in July amid continued expansion in the sector.

Investec’s monthly Services Purchasing Managers’ Index (PMI) showed the sector continued to expand last month despite growth moderating slightly from the high seen in June.

The headline PMI figure of 61.3 was down slightly from the 62.6 in June. Any figure above 50 represents an expansion in business activity.