UK firms see small pick-up in June but inflation worries mount -PMI [Reuters]
S&P Global Inc. (SPGI)
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Source: Reuters
how surging inflation is dragging on new orders, raising fears of a recession, a survey showed on Tuesday. The composite S&P Global/CIPS Purchasing Managers Index - spanning services and manufacturing firms - edged up to 53.7 from a preliminary June reading of 53.1 and was higher than in May when it also came in at 53.1. A PMI for just the service sector similarly rose to 54.3 from the "flash" reading of 53.4. "The service sector remained in expansion mode during June, but persistently high inflation has started to dent discretionary spending and negatively influence demand projections across the board," Tim Moore, economics director at S&P Global Market Intelligence, said. New order growth in the sector was the weakest since early 2021 when Britain was under a coronavirus lockdown - despite a rebound in exports as pandemic restrictions lifted overseas markets and travel resumed. Overall activity was being supported by companies focusing on their backlogs of work. While easi
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