The UK economy recorded a slight contraction in June, weighed down by weaker activity in the services sector, the main driver of economic growth in the United Kingdom.
Data from the UK Composite Purchasing Managers’ Index (PMI), which measures economic activity across various sectors, showed the index declined to 49.3 in June from 49.7 in May, marking the second consecutive month below the 50.0 threshold that separates growth from contraction.
The decline was primarily attributed to weaker performance in the services sector, which accounts for around three-quarters of the UK economy, pushing the broader private sector into contraction during the month.
WAM