Economic news

UK PMI for services drops to four-month low

Growth in the Britain's dominant services sector became slower in June as new orders slumped to a nine-month trough, that means the economy is losing momentum following the unexpected general election result.

The purchasing managers’ index fell to a four-month low of 53.4 in June from 53.8 in May.

It comes after industrial production dipped to its trough in June and readings from the building industry were disappointing too.

Now the possibility the Bank of England will raise interest rates next month is less likely.

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