Sharp slowdown in UK business activity growth

Sharp slowdown in UK business activity growth 150 150 Realm

Data from IHS Markit this morning shows that UK private sector growth was the weakest since March as shortages of staff and materials hinder recovery in July. Flash UK Composite Output Index for July came in at 57.7, a 4-month low. Chris Williamson, Chief Business Economist at IHS Markit, said: “July saw the UK economy’s recent growth spurt stifled by the rising wave of virus infections, which subdued customer demand, disrupted supply chains and caused widespread staff shortages, and also cast a darkening shadow over the outlook”.

Flash Eurozone PMI Composite data showed that Eurozone business activity grew at the fastest rate for 21 years in July.

Data from ONS showed UK retail sales were up 0.5% month-on-month in June.

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