The IHS Markit/Cips purchasing managers’ index rose from 54.0 in May to 55.1 in June, with reports of a robust and accelerated pick-up in activity. Any reading above 50 indicates that the sector is expanding. Ruth Gregory, a UK economist at Capital Economics, said it was possible the survey was underestimating the bounce-back in the economy because its findings did not include reports from retailing, where high-profile business failures were offset in recent months by falling inflation, the royal wedding and the recent fin