UK PMI Manufacturing fell from 47.1 to 46.2 in June, a 6-month low. PMI Services dropped from 55.2 to 53.7, a 3-month low. PMI Composite lowered from 54.0 to 52.8, a 3-month low.
Chris Williamson, Chief Business Economist at S&P Global Market Intelligence said:
“June’s flash PMI survey indicates that the UK economy has lost momentum again after a brief growth spurt in the spring, and looks set to weaken further in the months ahead.
“Most notably, consumer spending on services, which was a core growth driver in the spring, is now showing signs of faltering… The manufacturing sector meanwhile continues to report recessionary conditions.
“One notable area of resilience in the economy is the labour market…While falling backlogs of work suggest this hiring trend could also fade in the coming months as the economy weakens.
“The survey’s price gauges point to consumer price inflation remaining well above the Bank of England’s target into 2024, which will add to the case for further interest rate hikes…
“Stubbornly elevated price growth in the service sector suggests the Bank of England will consider its fight against inflation as still a work in progress.
