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Services PMI in the United Kingdom decreased to 52.10 points in June from 52.90 points in May 2024.
Key findings include: demand for services improves, but at relatively soft pace; confidence dips slightly amid general election uncertainty.
“Prices still continue to show a high degree of stickiness across the UK service sector, although input cost inflation once again trended lower in June. The direction of travel here is encouraging for the Bank of England, but our survey’s gauge of prices charged actually rose on the month as some companies noted their pricing power was strong enough to raise their fees. “While costs, mostly from wages, have been the major driving force behind strong services inflation, the recovery of the UK economy from it’s late-2023 lull adds another dynamic for policymakers to consider should stronger economic conditions motivate more companies to raise their prices.” said Joe Hayes, Principal Economist at S&P Global Market Intelligence.
Composite PMI decreased to 52.30 points in June from 53 points in May 2024.
ETFs: (FXB), (EWU), (FKU), (EWUS), (FLGB).
Currency: (GBP:USD)