U.K. Services Index Jumps in July

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By Trey Thoelcke Published

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In July, the U.K. services sector grew 1.1% from June, when the sector fell 1.5%, according to the Office for National Statistics. That was the fastest pace of growth for more than a year. The seasonally adjusted index rose 0.7% compared with July 2011.

The sector accounts for about three-quarters of the U.K. economy. Output rose across the sector, with increasing auto sales driving a 1.8% gain in distribution, hotels and restaurants. Olympic ticket sales also provided a boost to the arts and recreation sector, which gained 3.7% from June.

Government and other services increased by 1.6% and business services and finance increased by 0.8%.

These figures come on the heels of data that showed the economy shrank less than previously thought in the second quarter and personal incomes rose at the fastest pace for three years.

This year, the end of May bank holiday was moved to June. It, along with an additional bank holiday added to June due to the Diamond Jubilee, resulted in two fewer working days in the month. That may have had a contributing effect on the relatively strong month-to-month growth rate for July.

The full release is available here.

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About the Author Trey Thoelcke →

Trey has been an editor and author at 24/7 Wall St. for more than a decade, where he has published thousands of articles analyzing corporate earnings, dividend stocks, short interest, insider buying, private equity, and market trends. His comprehensive coverage spans the full spectrum of financial markets, from blue-chip stalwarts to emerging growth companies.

Beyond 24/7 Wall St., Trey has created and edited financial content for Benzinga and AOL's BloggingStocks, contributing additional hundreds of articles to the investment community. He previously oversaw the 24/7 Climate Insights site, managing editorial operations and content strategy, and currently oversees and creates content for My Investing News.

Trey's editorial expertise extends across multiple publishing environments. He served as production editor at Dearborn Financial Publishing and development editor at Kaplan, where he helped shape financial education materials. Earlier in his career, he worked as a writer-producer at SVE. His freelance editing portfolio includes work for prestigious clients such as Sage Publications, Rand McNally, the Institute for Supply Management, the American Library Association, Eggplant Literary Productions, and Spiegel.

Outside of financial journalism, Trey writes fiction and has been an active member of the writing community for years, overseeing a long-running critique group and moderating workshop sessions at regional conventions. He lives with his family in an old house in the Midwest.

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