- UK Manufacturing PMI falls to 52.2 in July, improves estimates.
- UK services PMI stands at 53.3 in July, improving forecasts.
The UK manufacturing Purchasing Managers’ Index (PMI), seasonally adjusted, fell to 52.2 in Julycompared to the 52.0 expected and the 52.8 of the final reading for June.
For its part, the preliminary UK service sector business activity index for July stood at 53.3compared to the final result of June of 54.3 and the expected of 53.0.
Chris Williamson, chief business economist at S&P Global
“UK economic growth slowed in Julyposting the slowest expansion since the lockdowns of early 2021. Although not yet on the decline, with pent-up demand for consumer-oriented vehicles and services such as travel and tourism, which helped sustain growth in July, PMI is now at a level consistent with GDP growth of just 0.2%.”
“Forward-looking indicators suggest the worst is yet to come. Manufacturing backlogs are deteriorating for the first time in a year and a half as new job inflows are insufficient to keep headcounts busy, often a precursor to reduced production and employment in the next few months.”
Source: Fx Street
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