By William L. Watts
FRANKFURT (MarketWatch) -- The Markit/CIPS purchasing-managers' index, or PMI, for the U.K. services sector jumped to 53.7 in August from 51.0 in July, survey compiler Markit reported Tuesday. The survey was released a day ahead of schedule after a news service inadvertently published a portion of the data early, a Markit spokeswoman said. Economists had forecast an unchanged reading. A figure of more than 50 indicates expansion. "Service-sector companies reported a welcome rebound in activity in August following disruptions due to the additional Jubilee bank holiday and unusually poor summer weather in previous months," said Chris Williamson, chief economist at Markit. Combined with an easing of the downturn in the manufacturing sector indicated by the manufacturing PMI released Monday, the survey data indicate the U.K. economy may pull out of recession in the third quarter, Williamson said.
