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7/3, 10:34 AM (Source: TeleTrader)
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UK services sector activity jumps in June

The activity of the United Kingdom’s services sector improved in June, according to the report that IHS Markit and Chartered Institute of Procurement & Supply (CIPS) released on Friday. The UK Services PMI Business Activity Index jumped to 47.1 in June, compared to 29 from May.

The percentage of businesses that reported a drop in business activity in June decreased to 33% from May's 54%, and April's record 79%, whereas 28% of business signaled expansion.

The IHS Markit/CIPS UK Composite Output Index rose from 30.0 recorded in May to reach 47.7 in June, as the manufacturing production index soared to 50.7 for the same month.

Commenting on the report, Duncan Brock, Group Director at CIPS said: "Pipelines of new work were still severely weakened for the fourth consecutive month, and export orders were still in dire straits. With imposed travel and logistics restrictions disrupting supply chains overseas clients shied away from placing orders as the pandemic’s presence is still felt."

Breaking the News / BU