UK service sector stumbles missing forecasts as Brexit bites – The Independent

UK service sector stumbles missing forecasts as Brexit bites – The Independent

http://ift.tt/2sLevdB

Activity in the UK’s dominant services sector fell short of expectations in June, rounding off a hattrick of disappointing industrial surveys and offering “clear” evidence that the economy is losing momentum.

The Purchasing Managers’ Index for services came in at 53.4 in the month, slightly weaker than the 53.8 recorded in May and lower than the 53.5 expected by City analysts.

It was the lowest reading since February.

Any reading above 50 signals growth, but Chris Williamson of IHS Markit, which compiles the survey, said: “It’s clear that the economy heads into the third quarter losing momentum”.

The survey found that new business growth fell to a nine-month low.

Confidence also fell with services purchasing managers citing “anxiety related to the Brexit negotiations”.

 

More follows…

 

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