UK output is growing at its fastest pace since records began
(Source: Markit)
Following very strong service sector figures this morning, economic activity is now growing at its fastest pace since records began in 1998.
Markit's survey data – the purchasing manager's index – is at a high of 59.48 for all sectors. Any number above 50 implies an expansion.
Employment expansion also climbed in July to hit a 2007 high.
The index only gives the first derivative of output – the rate at which it grows – but this high pace of growth could mean that we reach the pre-crisis peak sooner than anticipated.