LONDON – Business activity in Britain rebounded in August, injecting some optimism into the debate on how Britain is faring after the seismic vote to leave the European Union.
The measure of activity, the purchasing managers' index, jumped to 53.2 points, reversing a record fall to 47.4 in July experienced after the June 23 referendum. The index is on a 100-point scale, with figures above 50 representing growth. It's compiled by research firm IHS Markit and the Chartered Institute of Purchasing and Supply.
Manufacturing, helped by exports, led the upturn but service-sector confidence remains below its long-term trend.
IHS Markit economist Chris Williamson says many companies remain cautious and it is "far too early to say whether August's upturn is a dead cat bounce or the start of a sustained post-referendum recovery."