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UK Business Conditions Deteriorate as PMI Stood at 47.1 in June

The IHS Markit/CIPS UK Services PMI stood at 47.1 in June 2020, little-changed from a preliminary estimate of 47.0 and compared to May’s final reading of 29.0, still pointing to a deterioration in business conditions across the UK service sector.

Inflows of new work fell the least since March following an easing of lockdown measures and reopening of the UK economy, while export sales continue to decrease at a steep rate due to ongoing international travel restrictions.

The rate of job shedding also eased from the previous month, while backlogs of work continued to decline.

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