Economic Buzz: UK Services Output Fall 0.5%

12 Aug 2022 , 04:20 PM

UK monthly services output fell by 0.5% between May and June 2022, now standing 1.1% above February 2020, which was the last month of ?normal? trading conditions prior to the coronavirus (COVID-19) pandemic. There were falls in 8 of the 14 sectors in the Index of Services during June 2022; the largest negative contribution to growth was from human health and social work activities, which fell by 1.8%. Of the 14 services subsectors, 8 have surpassed their February 2020 pre-coronavirus pandemic levels, with the largest increase being transportation and storage (8.1%). Services output for Quarter 2 (Apr to Jun) 2022 fell by 0.4%, compared with Quarter 1 (Jan to Mar) 2022; over this period, the largest contributor was human health and social work activities, which fell by 5.4%. Powered by Commodity Insights