Home Markets UK: Final services PMI revised down to 52.6 in July vs. 53.3 expected

UK: Final services PMI revised down to 52.6 in July vs. 53.3 expected

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UK: Final services PMI revised down to 52.6 in July vs. 53.3 expected
  • UK Final Services PMI is revised down to 52.6 in July.
  • GBP/USD keeps its recovery mode intact around 1.2200 after the dismal data.
  • The focus is on US-China tensions over Taiwan and US services PMI data.

UK services sector activity expanded less than expected in Julyas confirmed on Wednesday by the final report of IHS Markit.

Purchasing Managers Index S&P Global/CIPS UK Services PMI, seasonally adjusted, has been revised down to 52.6 in July, compared to the 53.3 expected and the 53.3 in the previous preliminary reading.

The UK S&P Global/CIPS Composite PMI stood at 52.1 in July, compared to the 52.8 expected and the 52.8 of the previous reading.

Key points

Is he slowest output growth in 17 months of expansion.

The employment rises sharply againdespite the low order book.

The Input cost inflation slows to lowest level since December 2021.

Tim Moore, chief economic officer at S&P Global Market Intelligence, which compiled the survey:

“UK service providers reported their worst month of business expansion since the February 2021 nationwide lockdown. reduced levels of consumer discretionary spending and efforts by businesses to contain spending due to escalating inflation have combined to compress demand across the service economy.”

“The short-term outlook also looks dim, as new orders growth hovered near June’s 16-month low and business optimism was the second weakest since May 2020.”

Source: Fx Street

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