British services sector fell to its lowest level in 17 months in July

British services sector fell to its lowest level in 17 months in July

The data showed that the UK services PMI fell to 52.6 points in July from 54.3 points in June, a 17-month low and less than the initial estimate of 53.3 points in July. The UK's composite PMI fell to 52.1 points in July from 53.7 in June, the lowest level since February 2021. "Low levels of discretionary consumer spending and efforts by companies to contain expenditures due to spiraling inflation pressure demand," said Tim Moore, director of economics at S&P Global Market Intelligence.