Economic Buzz: UK Services PMI Business Activity Index At 54.3 In June

5 Jul 2022 , 03:12 PM

The headline seasonally adjusted S&P Global / CIPS UK Services PMI Business Activity Index registered 54.3 in June, up slightly from 53.4 in May and above the 50.0 no change mark for the sixteenth month running. However, the average reading in the second quarter of 2022 (55.6) was well below that seen in the first three months of the year (59.1). UK service providers signalled a solid increase in business activity during June, although less favourable demand conditions meant that the rate of growth remained much weaker than seen in the first quarter of 2022. Moreover, new orders rose to the smallest extent since February 2021, with survey respondents suggesting that cost of living concerns and pessimism about the economic outlook had led to subdued spending. Powered by Commodity Insights