U.K. Services Activity Contracted for a Second Month in June, PMI Data Show

U.K. services activity contracted for a second consecutive month in June, marking the steepest decline since early 2023, amid the ongoing impact of the war involving Iran. According to Jin10, the final U.K. June services PMI fell to 48.8 from 49.3 in May, declining for a second month and hitting its lowest level since January 2023. The reading was also below the previously released preliminary estimate of 48.7. A reading below 50 indicates contraction in the services sector. Overall, the pace of decline in new business was the fastest since November 2022. Companies said they were concerned about who would succeed U.K. Prime Minister Starmer and his fiscal policies, as well as global inflation pressures.