UK PMI Services was finalized at 52.6 in July, down from June’s 54.3, worst reading in 17 months. PMI Composite was finalized at 52.1, down from 53.7 in June, the lowest rate of expectation since February 2021.
Tim Moore, Economics Director at S&P Global Market Intelligence: “UK service providers reported their worst month for business activity expansion since the national lockdown in February 2021. Reduced levels of discretionary consumer spending and efforts by businesses to contain expenses due to escalating inflation have combined to squeeze demand across the service economy. The near-term outlook also looks subdued, as new order growth held close to June’s 16-month low and business optimism was the second weakest since May 2020..
