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Financial News: UK Services Sector Growth Weakens In June

UK Services Sector Growth Weakens In June

07/05/2017 - 04:43:00 (RTTNews)

(RTTNews) - The UK service sector expanded at a slower pace in June on the weakest upturn in new work since last September, survey data from IHS Markit and Chartered Institute of Procurement & Supply showed Wednesday.

The services Purchasing Managers' Index dropped to 53.4 in June from 53.8 in May.

Although the reading remained above the 50 no-change mark for eleventh consecutive month, the survey suggested the slowest expansion in services output since February.

The slowdown in business activity growth in June was linked to a softer rise in incoming new work. Sustained pressures on operating capacity led to a solid expansion of staffing levels.

June data pointed to a sharp and accelerated increase in average cost burdens.

Input price inflation was much slower than the peak seen in February. Consequently, the latest rise in average prices charged by service providers was the slowest since July 2016.

"Although the three PMI surveys are running at levels that are historically consistent with GDP growing by around 0.4 percent in the second quarter, it's clear that the economy heads into the third quarter losing momentum," Chris Williamson, chief business economist at IHS Markit, said.

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