UK PMI Services was finalized at 62.4 in June, down slightly from May’s 62.9. That’s still the second-highest reading since October 2013. PMI Composite dropped to 62.2, down from 62.9. That’s also the second-highest reading since January 1998.
Tim Moore, Economics Director at IHS Markit: “The service sector recovery remained in full swing during June as looser pandemic restrictions released pent up demand for business and consumer services. Sales growth eased slightly from May’s recent peak, but capacity constraints and staff shortages meant that many service providers struggled to keep up with new orders…
“The latest survey data highlighted survey-record rates of input cost and prices charged inflation across the service sector, reflecting higher commodity prices, transport shortages and staff wages. Imbalanced supply and demand was the main driver, while the roll-back of pandemic discounting by some service providers amplified the latest round of price hikes.”
