United Kingdom Services Pmi

The IHS Markit/CIPS UK Services PMI dropped to 57.8 in July 2021, from 62.4 in the previous month and well below market expectations of 62, a preliminary estimate showed. The latest reading pointed to the weakest pace of recovery since March, due in part to COVID isolation rules and other restrictions due to the pandemic. There were also reports that the end of the stamp duty holiday had led to softer demand for services related to residential property transactions. New business volumes increased at the slowest rate for five months, despite a rise in export sales for the first time since April, while the rate of job creation eased from June's recent peak, largely due to difficulties filling vacancies. On the price front, input costs rose the most since the series began in July 1996.