The recovery among British businesses from the shock of the COVID-19 pandemic quickened again in August, but snowballing job cuts sent an ominous signal for the months ahead, a survey showed on Friday. The early reading of the IHS Markit/CIPS UK Composite Purchasing Managers’ Index (PMI), covering the services and manufacturing sectors, shot up to a nearly seven-year high of 60.3 from 57.0 in July, far above the 50 threshold for growth. A Reuters poll of economists had pointed to a reading of 57.1. While the PMI indicated a further acceleration of growth, it did not signal a return to normal levels of output across businesses, which some economists think could take years. “There were encouraging signs that customer-facing service providers have started to catch up with the rebound seen earlier this summer across the wider economy,” said Tim Moore, economics director at IHS Markit, which […]