UK PMI Manufacturing dropped to 64.2 in June, down from 65.6, above expectation of 64.0. PMI Services dropped to 61.7, down from 62.9, below expectation of 63.0. PMI Composite dropped to 61.7, down from 62.9.
Chris Williamson, Chief Business Economist at IHS Markit, said: “There are some signs that the rate of expansion appears to have peaked, as both output and new order growth cooled slightly from May’s record performances, but full order books and a further loosening of virus-fighting restrictions should nevertheless help ensure growth remains strong as we head through the summer.
“However, inflation worries have continued to intensify. Record levels of the survey’s price gauges and the further development of capacity constraints hint strongly that consumer price inflation has much further to rise after already breaching the Bank of England’s 2% target in May.
