The UK Markit/CIPS Purchasing Managers’ Index® (PMI®) for the services sector is released today amidst continuing concerns about the UK economy.
Reports of fragile demand and temporary factors weigh on activity as business confidence falls sharply to six-month low. Index posted at 51.3, down from May's 53.3,
David Noble, Chief Executive Officer at the Chartered Institute of Purchasing & Supply:
“The Jubilee weekend clearly led to a temporary slowdown in activity across the services sector as whole. However, this one-off event does not disguise the fundamental uncertainties affecting the sector and the wider economy.
“The Eurozone continues to be the biggest drag on business confidence, along with a scarcity of big contracts, and the prospect of a post-Olympics slump in business. Meanwhile, margins continue to be under intense pressure, caught between increasingly competitive pricing and increasing costs. Businesses will need to innovate to counteract these challenges, particularly if they are to remain profitable in these difficult times.”
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