UK private sector activity improves slightly in June
Business activity in the United Kingdom improved slightly in June, the highest since March, according to a preliminary report by S&P Global released on Monday.
The composite Purchasing Managers' Index (PMI) rose by 0.4 points from the previous month to 50.7, above the crucial 50.0 for a second month. Modest expansion in the service sector in June saw a 0.4-point increase in the services PMI, and reached 51.3. Moreover, the manufacturing PMI went up by 1.3 points from May to stand at 47.7, hitting a five-month high.
"The UK economy remained in a sluggish state at the end of the second quarter, according to the early PMI survey data. Although business conditions have continued to improve since April's downturn, quelling recession fears, growth of business activity remains disappointingly lacklustre, indicative of second quarter GDP rising at only a 0.1% quarterly pace," S&P Global Market Intelligence Chief Business Economist Chris Williamson said.