UK services PMI jumps to 51.4 in July vs. 50.2 expected (GBP holds steady above 1.2100 handle)

July data signalled a slight improvement in the performance of the UK service sector, the latest survey report from Markit Economics showed this Monday.
 
The headline seasonally adjusted IHS Markit/CIPS UK Services PMI Index jumped to 51.4 in July as against consensus estimates pointing to a reading of 50.2, same as the previous.
 
Key Points:
 
   •  A modest increase in service sector output.
   •  Rebound in new work, helped by export sales.
   •  Business expectations ease to a four-month low.