June composite PMI 52.3 vs 53.0 in May (Il Sole 24 Ore Radiocor) - London, 03 Jul - In June, the UK's purchasing managers' index for the services sector fell to 52.1 from 52.9 the previous month, signalling an eighth consecutive monthly increase in output although the pace of growth in business activity slowed, according to data released by S&P Global.

Meanwhile, the composite output index, a weighted average of services PMI and manufacturing output, fell to a six-month low of 52.3, down from 53.0 in May. A reading below 50 signals contracting sector activity, while one above an expansion.

"We are seeing some evidence of a pre-general election seize up across the UK services economy, with growth in business activity slowing to a seven-month low in June as the prospect of a change in government led to the adoption of a "wait-and-see" approach by some, restraining sales," said Joe Hayes, principal economist at S&P Global Market Intelligence.

"Nevertheless, we're on track for another quarter of GDP growth, according to Composite PMI data for the three months to June, albeit one that will be less punchy than the first quarter's 0.7%.".

AAA-Hob

(RADIOCOR) 03-07-24 10:49:38 (0266) 5 NNNN