UK PMI Services was finalized at 54.3 in June, up from May’s 53.4. S&P Global said there was solid rise in business activity, but new work lost momentum. Business expectations slumped to the weakest level since May 2020. Input costs inflation held close to May’s survey-record high. PMI Composite was finalized at 53.7, up from May’s 53.1.
Tim Moore, Economics Director at S&P Global Market Intelligence: “The service sector remained in expansion mode during June, but persistently high inflation has started to dent discretionary spending and negatively influence demand projections across the board… June data highlighted the second-fastest rise in input prices since the survey began 26 years ago, driven by intense wage pressures and rapid increases in fuel costs… Service providers are casting a nervous eye over their sales momentum and forward bookings, which led to a slump in business activity expectations to their lowest since May 2020.”
