The UK service sector continued to expand in June but the upturn moderated as rising interest rates and economic uncertainty weighed on consumer demand, final survey results from S&P Global showed on Wednesday.
The final Chartered Institute of Procurement & Supply services Purchasing Managers' Index dropped to 53.7 in June, as estimated, from 55.2 in May. The score signaled a slowdown in service sector output growth to the weakest since March.
New orders increased at the slowest pace since the current period of growth began in February. Service providers delayed their purchasing decisions due to the uncertainty surrounding the economic outlook and the impact of higher borrowing costs.
by Renju Jaya
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