People walk along the South Bank, amid the spread of coronavirus disease (COVID-19), in London, Britain, August 20, 2020. REUTERS/Henry Nicholls
LONDON: The recovery among British businesses from the shock of the COVID-19 pandemic quickened again in August, but snowballing job cuts sent an ominous signal for the months ahead, a survey showed on Friday.
The early reading of the IHS Markit/CIPS UK Composite Purchasing Managers' Index (PMI), covering the services and manufacturing sectors, shot up to a nearly seven-year high of 60.3 from 57.0 in July, far above the 50 threshold for growth.
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