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United Kingdom PMI June 2023

United Kingdom: Composite PMI deteriorates in June

The S&P Global/CIPS Flash Composite Purchasing Managers’ Index (PMI) fell to 52.8 in June from May’s 54.0. As such, the index remained above the 50.0 no-change threshold, pointing to a continued, albeit moderating, improvement in private sector operating conditions from the previous month.

The Manufacturing PMI clocked in at 46.2 in June, down from May’s 47.1. In the manufacturing sector, output, employment and new orders fell amid weak market conditions at home and abroad. Meanwhile, the services PMI activity index fell to 53.7 in June (May: 55.2), likely as high inflation and interest rates tamed demand. That said, employment growth in the services sector accelerated. Across the private sector as a whole, input cost inflation fell to an over two-year low, though output charge inflation fell only slightly.

Chris Williamson, chief business economist at S&P Global, said:

“Most notably, consumer spending on services, which was a core growth driver in the spring, is now showing signs of faltering as the reality of higher interest rates, the increased cost of living and gloom about the outlook sets in and overrides the brief boost to spending enjoyed from the pandemic tailwind.”

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