UK: Surprise services PMI reading today - BBH

Analysts at BBH explain that after reporting disappointing manufacturing and construction PMI, the UK surprised with a better than expected service reading today.  

Key Quotes

“The services PMI rose to 53.6 from 53.2 and edges above the three-month average.  The service sector is so significant in the UK that its performance was sufficient to offset the other sectors' weakness in full.  This means that the composite PMI edged higher to 54.1 from 54.0.  Sterling held the 50% retracement of the advance since late August yesterday, that is found near $1.3215.  It is trading within yesterday's range as May's speech at the Tory Party Convention is awaited.”