The UK composite PMI reached 51.7 in June, down 1.3 points from May to a seven-month low, indicating a “slower and more modest increase” in business activity in the second quarter of 2024, S&P revealed. Poor’s Global on Friday in a preliminary report. a report.
The result disappointed analysts consulted by FactSet, who expected a slight increase in the composite PMI this month, to 53.2.
The UK services PMI fell from 52.9 to 51.2 in the same comparison, also the lowest level in seven months and contrary to analysts’ expectations at LSEG, for an increase to 53.0.
On the other hand, the UK manufacturing PMI rose from 51.2 in May to 51.4 in June, reaching a 23-month high, even higher than expected at 51.3.
Readings above 50 indicate expansion in activity, while levels below this level indicate contraction.
“June PMI flash survey data point to a slowdown in the pace of economic growth, suggesting that GDP is now growing at a sluggish quarterly rate of just over 0.1%,” said Chris, chief business economist at S&P Global Markets. Intelligence, the slowdown partly reflects the uncertainty surrounding the business environment in the run-up to the general election, with many companies experiencing a gap in decision-making awaiting clarity on various policies.
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