UK companies sector slumps for first time this yr – however some client spending up
The UK's companies sector has reported its first decline of the yr - however some client spending is up, in response to new figures.Closely-watched survey the S&P Global/CIPS UK Services PMI reported a rating of 49.5 in August - and any determine under 50 suggests an total discount in service sector output.
The determine is down from 51.5 in July and the bottom since January.But whereas it contains some client spending - on transport, communication, finance, insurance coverage, actual property and enterprise companies - the info doesn't embrace retail gross sales.Experts blamed rising rates of interest for the obvious droop in demand.
Tim Moore, economics director at S&P Global Market Intelligence, stated: "After a modest recovery over the past six months, service sec...