By Chris Dorrell Business activity in the services sector picked up in July, according to a closely watched business survey, suggesting that the economy will continue to grow in the months ahead. S&P’s purchasing managers’ index (PMI) for the services sector picked up to 52.5 last month, rising from 52.1 in June and marginally ahead of the 52.4 recorded in the ‘flash’ estimate. PMIs measure business activity in the private sector and are closely watched for indications about how the economy is performing. Anything above 50 indicates growth. This is the first time since April that there has bee…