US services growth is faster than expected in July

The US services sector is expanding more quickly, according to the ISM non-manufacturing purchasing manager's index.

It rose from 52.2 to 56.0 in July, ahead of economist forecasts of a rise to 53.0.

That's still well behind the growth that Markit reported for the UK this morning, where services PMI is at a 2006 high of 60.2.

The US employment sub-index is up from 53.2 to 54.7.