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7/5, 10:33 AM (Source: TeleTrader)
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UK services sector growth decelerates slightly in June

United Kingdom Services PMI Business Activity Index stood at 62.4 in June, marking a decrease of 0.5 index points compared to the month before, IHS Markit and Chartered Institute of Procurement & Supply (CIPS) said in a report on Monday. Backlogs of work grew the fastest since the survey started 25 years ago, while job creation was the highest since June 2014, mostly due to the easing of coronavirus lockdown measures.

"The latest survey data highlighted survey-record rates of input cost and prices charged inflation across the service sector, reflecting higher commodity prices, transport shortages and staff wages," IHS Markit Economics Director Tim Moore noted in the report.

Meanwhile, the UK Composite Output Index declined 0.7 index points from May to land 62.2 in June, nevertheless representing the second-highest figure since the beginning of the data series in January 1998.

Breaking the News / MS