The latest survey shows that the British-dominated service sector returned to a growth trajectory last month as new orders increased; the survey also showed that expectations for industry activity in the next 12 months had risen to the highest level before the outbreak of the war in Iran in February. According to PMI data, the final value of the UK's July PMI rose to 52.1 from 48.8 in June. This is the first increase since April, and it is higher than the previous initial reading of 51.8. This revised data also drove the composite PMI, which includes the smaller manufacturing industry, from 49.3 to 52.2, rising above the boom and dry line of 50 for the first time since April. S&P Global said that in July, the total number of new orders from service companies rose from 47.6 to 50.8, the highest level since February, ending four months of continuous decline since the outbreak of the war in Iran. Although the sector's new export orders fell for the fifth month in a row, the decline was the smallest during this period. Furthermore, the business confidence index rose to its highest level since February. Tim Moore, director of economics at S&P Global Market Intelligence, said: “Expectations for stronger growth in the coming year partly reflect expectations that the situation in the Middle East will ease, as well as recent signs of easing inflationary pressure.”

The latest survey shows that the British-dominated service sector returned to a growth trajectory last month as new orders increased; the survey also showed that expectations for industry activity in the next 12 months had risen to the highest level before the outbreak of the war in Iran in February. According to PMI data, the final value of the UK's July PMI rose to 52.1 from 48.8 in June. This is the first increase since April, and it is higher than the previous initial reading of 51.8. This revised data also drove the composite PMI, which includes the smaller manufacturing industry, from 49.3 to 52.2, rising above the boom and dry line of 50 for the first time since April. S&P Global said that in July, the total number of new orders from service companies rose from 47.6 to 50.8, the highest level since February, ending four months of continuous decline since the outbreak of the war in Iran. Although the sector's new export orders fell for the fifth month in a row, the decline was the smallest during this period. Furthermore, the business confidence index rose to its highest level since February. Tim Moore, director of economics at S&P Global Market Intelligence, said: “Expectations for stronger growth in the coming year partly reflect expectations that the situation in the Middle East will ease, as well as recent signs of easing inflationary pressure.”