United Kingdom PMI Composite Output Index, taking into account both services and manufacturing activity in the country, stood at 52.8 in June, down 1.2 index points from the month prior, according to a preliminary report published by S&P Global and the Chartered Institute of Purchasing & Supply (CIPS) on Friday.
Flash UK Services PMI Business Activity Index decreased by 1.5 index points from May, landing at 53.7 in June, while Flash UK Manufacturing PMI hit 46.2, representing a 0.9 index point decline compared to the previous month.
S&P Global Market Intelligence Chief Business Economist Chris Williamson noted in the report that consumer spending on services is weakening while the manufacturing sector "continues to report recessionary conditions." In addition, he warned that interest rate hikes will "clearly add further to the likelihood of a recession later in the year, which is looking increasingly inevitable as collateral damage in the fight against inflation."
