UK economic growth nearly stalls in July, PMIs show
By Alexander Bueso
Date: Monday 24 Jul 2023
(Sharecast News) - Activity levels in the UK's manufacturing and services sectors slowed sharply in July, closely followed survey results showed.
The latest survey readings led S&P Global chief business economist, Chris Williamson, to conclude that: "The UK economy has come close to stalling in July which, combined with gloomy forward-looking indicators, reignites recession worries."
The S&P Global/CIPS 'flash' Composite Output Index plumbed a six-month low of 50.7 and was down from a June reading of 52.8.
In parallel, the Purchasing Managers' Index for manufacturing fell from 46.5 to 45.0 (consensus: 46.0).
The PMI for services retreated from 53.7 to 51.5 (consensus: 53.0).
"An upside to the deteriorating growth and demand picture is a further cooling of inflationary pressures," Williamson added.
"Manufacturing prices are falling at an increased rate and service sector inflation is continuing to moderate. Although ongoing upward wage pressures mean service sector price growth remains elevated, the survey data signal further, potentially marked, falls in consumer price inflation in the months ahead."
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