July Services Beat Forecasts; Lifts July....>

UK DATA: July Services Beat Forecasts; Lifts July GDP Into The Black

- UK July Services +0.3% m/m, adds 0.28pp to GDP growth

- UK July Services +0.2% 3m/3m vs +0.1% Q2

- UK July fin services activity +0.1% 3m/3m

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The service sector expanded by far more than forecast in July, 

accounting for nearly all GDP growth in the month. Administration and 

support activities led the way, powered by a sharp rise in rental and 

leasing of capital goods, including machinery, motor vehicles and 

office equipment. Financial services contributed positively to services 

in the month, rising by 0.1%. Financial services have been flat or 

slightly positive over the past three months, following 14 straight 

months of decline. The sector also expanded by 0.1% in the three months 

to July, the first increase on a 3m/3m basis since April 2017. Financial 

services contracted by a cumulative 4.6% from that peak through Q2 2019.