Growth slows for UK Services Sector in July

Growth slows for UK Services Sector in July 150 150 Realm

Stocks in the UK and Europe are higher this morning as investors digest latest PMI data. Strong US and European earnings boosted sentiment at the open despite increasing concerns over the rising Covid Delta variant cases across Asia.

Data just released from IHS Markit shows Eurozone Services PMI data reported at 59.8 for July, indicating the fastest growth since June 2006. Chris Williamson, Chief Business Economist at IHS Markit said: “Europe’s service sector is springing back into life. Easing virus restrictions and further vaccination progress are boosting demand..” more..

In the UK there was a further slowing for the Services sector with data for July showing the weakest rate of growth since March. The IHS Markit/CIPS services Purchasing Managers’ Index (PMI) fell to 59.6 in July, down from 62.4 in June. Tim Moore, Economics Director at IHS Markit said: “July data illustrates that recovery speed across the UK economy has slowed in comparison to the second quarter of 2021..”. more..

 

 

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