(RTTNews) - UK services sector growth continued to weaken in July, with both activity and new business rising at their slowest rates in over a year, a survey by Markit Economics said Wednesday.The headline seasonally adjusted CIPS Business Activity Index slipped to 53.1 in July from 54.4 in June. Economists had forecast a PMI reading of 54.5.
A reading above 50 indicates expansion while one below suggests contraction. The index posted above the crucial 50 no-change mark for a fifteenth successive month, but slipped to its lowest level since June 2009.
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UK Services Sector Growth Slows In July
(RTTNews) - UK services sector growth continued to weaken in July, with both activity and new business rising at their slowest rates in over a year, a survey by Markit Economics said Wednesday.
The headline seasonally adjusted CIPS Business Activity Index slipped to 53.1 in July from 54.4 in June. Economists had forecast a PMI reading of 54.5.
A reading above 50 indicates expansion while one below suggests contraction. The index posted above the crucial 50 no-change mark for a fifteenth successive month, but slipped to its lowest level since June 2009.
Weaker growth trends, combined with a further fall in backlogs of work outstanding, led to a slight decline in payroll numbers for the second time in three months, while confidence in the outlook remained historically low, Markit said. At the same time, new orders rose at the slowest pace in thirteen months of growth.
Official figures had shown that the Markit/CIPS purchasing managers' index for U.K's manufacturing sector fell to 57.3 in July from 57.6 in June. British economy expanded at its fastest pace in four years in the second quarter of this year. The GDP rose 1.1% sequentially in the second quarter, following an increase of 0.3% in the previous quarter.
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