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Investing.com -- British services businesses reported the largest decline in new orders in July since November 2022, according to a survey released Tuesday that could heighten the Bank of England’s concerns about economic growth.
The S&P Global Purchasing Managers’ Index for the UK services sector fell to 51.8 in July from 52.8 in June, showing a smaller decrease than the initially reported drop to 51.2.
Despite remaining above the 50-mark that separates growth from contraction, the sector also reduced staffing at the fastest rate in six months.
This data emerges just before the Bank of England’s interest rate decision on Thursday, when the central bank is broadly expected to lower rates to 4% from 4.25%, marking its fifth cut in the current cycle.
Some policymakers might vote to maintain current rates, however, as inflation has risen significantly above the bank’s 2% target.
The weakening services sector data could factor into the central bank’s deliberations about balancing inflation concerns against signs of slowing economic activity.
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