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UK services growth slows slightly UK services growth slows slightly
(35 minutes later)
Growth in the UK service sector remains strong, but slowed slightly in July, a survey from Markit/CIPS suggests.Growth in the UK service sector remains strong, but slowed slightly in July, a survey from Markit/CIPS suggests.
Its purchasing managers' index fell to 57.4 in July from 58.5 in June. Figures above 50 indicate growth in the sector.Its purchasing managers' index fell to 57.4 in July from 58.5 in June. Figures above 50 indicate growth in the sector.
Of firms responding, 18% expanded their workforces compared with 9% saying that they cut staff. The job creation rate was the slowest since March 2014.Of firms responding, 18% expanded their workforces compared with 9% saying that they cut staff. The job creation rate was the slowest since March 2014.
Markit said its surveys suggested the UK economy grew by 0.6% in the three months to July.Markit said its surveys suggested the UK economy grew by 0.6% in the three months to July.
The most recent official GDP figures suggested growth of 0.7% for the three months to the end of June.The most recent official GDP figures suggested growth of 0.7% for the three months to the end of June.
"Despite the dip in the PMI in July, the service sector continues to act as the main driver of economic growth," said Markit chief economist Chris Williamson."Despite the dip in the PMI in July, the service sector continues to act as the main driver of economic growth," said Markit chief economist Chris Williamson.
But he added that the figures had been boosted by the financial services sector which had seen its fastest growth since 2013. All other sectors reported slower rates of expansion.But he added that the figures had been boosted by the financial services sector which had seen its fastest growth since 2013. All other sectors reported slower rates of expansion.
"A deterioration in service sector growth is the latest in a stream of signals that the economy has slowed as we move into the second half of the year.""A deterioration in service sector growth is the latest in a stream of signals that the economy has slowed as we move into the second half of the year."
The service sector PMI is the third of the monthly surveys Markit provides on the UK economy.
On Monday, the report on the manufacturing sector showed a rise from 51.4 to 51.9, although the accompanying commentary said that growth remained "near-stagnant".
Tuesday's construction PMI showed a slowing from 58.1 to 57.1 as growth in housing activity slowed.
A separate report from the National Institute of Economic and Social Research predicted that growth in the three months to the end of September would slow to 0.4%, although it maintained its forecast of 2.5% growth for the whole of 2015.A separate report from the National Institute of Economic and Social Research predicted that growth in the three months to the end of September would slow to 0.4%, although it maintained its forecast of 2.5% growth for the whole of 2015.