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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. |
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