UK PMI Manufacturing dropped from 54.6 to 53.4 in June, below expectation of 53.8. That’s the lowest level in 23 months. PMI Services was unchanged at 53.4, above expectation of 53.0. PMI Composite was unchanged at 53.1.
Chris Williamson, Chief Business Economist at S&P Global Market Intelligence said: “The weakness of the broad flow of economic data so far in the second quarter points to a drop in GDP which the forward-looking PMI numbers suggest will gather momentum in the third quarter. While there are some signs that the inflation could soon peak, the survey data suggest the rate of inflation will meanwhile remain historically high for some time to come, indicating that the UK looks set for a troubling combination of recession and elevated inflation as we move into the second half of the year.”