By David Milliken
LONDON (Reuters) – Britain’s economy proved more resilient than initially thought last month, despite a tightening of lockdown restrictions and an end to a temporary government subsidy for businesses such as restaurants and bars, a major survey showed on Monday.
The IHS Markit/CIPS Purchasing Managers’ Index (PMI) for the services sector – which does not cover retailers – dropped to 56.1 in September from August’s five-year high of 58.8, but the decline was smaller than an initial “flash” estimate of 55.1.
Readings above 50 indicate that a majority of businesses reported growth in activity.
The composite PMI, which includes manufacturing data released last week, fell to 56.5 from August’s six-year high of 59.1, again a smaller drop than first reported.
“The UK service sector showed encouraging resilience in September, with business activity continuing