Preliminary Services PMI fell to 53.3 in July vs. 53.0 expected

  • UK manufacturing PMI fell to 52.2 in July, improving estimates.
  • The UK Services PMI came to 53.3 in July, improving expectations.

The UK manufacturing PMI, seasonally adjusted, fell to 52.2 in JulyCompared to the expected 52.0 and 52.8 from the final reading for June.

for this part, The preliminary UK service sector business activity index for July stood at 53.3Compared to the June final result of 54.3 and the expected 53.0.

Chris Williamson, Chief Business Economist, S&P Global

UK economic growth slowed in Julymarking the slowest expansion since the shutdown in early 2021. Although it has not yet eased, with pent-up demand for consumer-oriented vehicles and services such as travel and tourism, helping to sustain growth in July, The PMI is now at a level matching GDP growth of only 0.2%. “

Future indicators suggest that the worst is yet to come. The backlog in manufacturing is deteriorating for the first time in a year and a half as the influx of new jobs is insufficient to keep headcounts occupied, and is often a precursor to lower production and hiring in the next few months.”

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