Published: Wed, July 03, 2019
Markets | By Otis Pena

British manufacturing PMI falls to six-year low in June

British manufacturing PMI falls to six-year low in June

Concerns over the health of United Kingdom finances were raised after new figures released today showed the dominant services industry barely grew in June.

The upturn was nevertheless evident throughout much of the euro zone, and earlier figures from three of the bloc's biggest economies - Germany, France, and Spain - showed services activity accelerated.

Similarly, the seasonally adjusted IHS Markit India Composite Purchasing Managers' Index (PMI) Output Index fell from 51.7 to 50.8 in June.

'Service providers indicated that business activity was close to stagnation in June, which contrasted with the modest recovery seen during the previous month, ' IHS Markit said.

Authors of the surveys pointed the blame on an overall slowdown in the global economy, partly blame on the United States-China trade war and slowing consumer confidence, as well as political uncertainty surrounding Brexit.

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"The pace of growth has eased markedly since peaking a year ago, resulting in a steady deterioration in demand". Reflecting this, there was a fractional decline in new business received by service sector companies, while lower volumes of new work have now been recorded in five of the past six months.

Professor of Strategy and Organization at Newcastle University, Frank Mueller, commented on the news and the potential for the economy to creep into the red later this year.

Britain's economy appears to have contracted in the second quarter of 2019 after the dominant services industry barely grew in June against a backdrop of worries about Brexit and the world economy, a closely watched survey showed.

"If this is replicated in the next quarter, then we are in a recession". The construction sector accounts for 6% of the United Kingdom economy and 7% of the labour market. "The offshoot impact on the rand, along with a steep rise in fuel prices, also led to a sharp mark-up in overall costs", said David Owen, an economist at IHS Markit.

Jonathan White, UK head of infrastructure, building and construction at KPMG, said: "June's reading represents a further knock for the sector, particularly following May's worrying blow, and is symptomatic of firms holding back on major spending, highlighting the underlying climate of indecision which isn't likely to dissipate anytime soon".

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