Services Sector Records Slower Growth Amid ‘Pre-Election Seize Up’: Survey

Published on July 3, 2024

A “pre-election seize up” has affected growth across the UK services sector in June, with clients adopting a “wait and see approach,” a survey has found. The S&P Global UK services PMI survey covers 650 companies in transport, information, communication, finance, insurance, real estate and business services. The figures for June recorded a 51.2. A reading above 50 indicates that the services economy is generally expanding. While the June reading recorded an eighth consecutive monthly increase in output, the headline index fell from 52.9 in May. “We are seeing some evidence of a pre-general election seize-up across the UK services economy, with growth in business activity slowing to a seven-month low in June as the prospect of a change in government led to the adoption of a “wait-and-see” approach by some, restraining sales,” said Joe Hayes, principal economist at S&P Global....

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