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UK services PMI misses forecasts in June, sees weakest quarterly growth in three years. According to a report by market research group Markit, the seasonally adjusted Markit/CIPS Services purchasing managers’ index (PMI) dropped to 52.3 in June from a reading of 53.5 in May, missing analysts' expectations for a rise to 52.5.
Markit's chief economist Chris Williamson said in a statement, “The PMI surveys indicate that the pace of UK economy slowed to just 0.2 percent in the second quarter, with further loss of momentum in June as Brexit anxiety intensified.”
The outlook for the year was the darkest since December 2012, according to Markit, with companies reporting uncertainty linked to the referendum weighing on workloads and incoming new business. Further slowing, or even contraction highly likely in the coming months as a result of the uncertainty created by the EU referendum.
“It’s unlikely that policymakers will wait for more data before unleashing additional monetary stimulus, more policy action “likely in the coming weeks,” adds Chris Williamson.
