U.K. June services PMI comes in below expectations
LONDON (MarketWatch) — Purchasing managers reported smaller-than-expected growth in activity in the British service sector in June, according to the CIPS/Markit services purchasing managers index released Friday. The index slipped to 51.6 in June from a reading of 51.7 in May. Economists had forecast a rise to 52.5. A reading of more than 50 means a majority of managers saw a rise in activity, while a figure of less than 50 signals a contraction. The June reading marked the second consecutive month the index indicated growth in the sector. “The services sector is showing signs of life but it is still too early to tell if this is the start of a full blown recovery,” said David Noble, CEO of the Chartered Institute of Purchasing and Supply.
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