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As on Jul 03, 2020 12:00 AM Your results on : Currency News    
Economic Buzz: Pace Of Deterioration In UK Service Sector Slows In June
03-Jul-2020 (16:41)

UK services Purchasing Managers' Index climbed to 47.1 in June from 29 in May, as more businesses reopened and started operating after meeting the social distancing requirements meant to fight the coronavirus, or Covid-19, pandemic, survey data from IHS Markit showed on Friday. The flash for June was 47. The latest reading was the highest in four months and well above April's record low of 13.4. However, a score below 50 suggests contraction in the sector. New work fell at the slowest pace since the downturn began in March, as businesses and consumers remained cautious. Export demand continued to fall at a steeper rate than domestic orders, largely due to international travel restrictions. Backlogs continued to be depleted at a steep rate signaling excess capacity. The pace of job shedding was the slowest since the downturn started in March. The final composite PMI, which combines manufacturing and services, rose to 47.7 in June from 30.0 in May. This was the highest reading for four months, yet below the neutral 50.0 mark. The flash reading for June was 47.6. Manufacturing PMI rose to 50.7 in June, thus signaling modest growth in the sector.

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