LONDON, Sept. 3 (Xinhua) -- The purchasing managers' index (PMI) of Britain's services sector climbed to a four-month high in August, data from S&P Global showed Thursday.
The seasonally adjusted S&P Global UK Services PMI Business Activity Index came in at 52.5 in August, up from 52.1 in July, with service providers recording a further expansion of business activity and incoming new work, according to the company.
Survey respondents attributed higher levels of business activity to a modest improvement in broader domestic economic conditions and gradually receding risk aversion among clients.
Business and consumer spending saw further gains after declining during the second quarter, which led to the fastest expansion of output levels since April, said Tim Moore, economics director at S&P Global Market Intelligence.
"Service providers are increasingly optimistic about the year ahead business outlook, with confidence levels now close to those seen just prior to the Middle East conflict," he said, noting that business activity growth projections were still subdued in comparison to long-run trends amid lingering worries about inflationary pressures and geopolitical tensions.
The sector's export sales dropped for the sixth successive month in August amid subdued European demand and geopolitical uncertainties, the company said.
It also highlighted that workforce levels have decreased for 23 months, the longest continuous period recorded since the survey began in July 1996.
