Service PMI holds steady throughout June.

CIPS 5 July 2011

The lastest PMI data from the service sector.

The UK services service sector performed better than expected throughout June according to the UK Markit/CIPS Purchasing Managers’ Index® (PMI®)

The figure posted 53.9 from 53.8 as activity continued to increase, but rate of expansion remained below trend.  Incoming new business rose at solid, but slower, pace.

Job creation remained minimal and business confidence fell to the lowest level since last October as panellists provided a generally downbeat assessment of current economic conditions.

David Noble, CEO of CIPS, said, “Steady and solid new business growth is helping the UK service sector keep its head above water as activity coasts at a below average pace.
“The sector has returned to normality following the recent bank holiday shake up with purchasing managers noting improved market conditions and the materialisation of previously delayed projects. Unfortunately we are not yet seeing meaningful increases in employment figures, with the respective index scraping in just above the 50.0 no change mark for a second successive month.
“Moreover, a downbeat mood is evident amongst some in the sector as confidence regarding future activity softened significantly during June.  Businesses are less than sure-footed due to worries around austerity measures and general economic conditions.”

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