Reported about 12 hours ago
The UK private sector experienced slight growth in June, as indicated by the purchasing managers' index rising to 50.7 from 50.3 in May, which alleviates concerns of a contraction for the second quarter. This growth comes after economic pressure from high taxes, trade wars, and geopolitical tensions. While services increased slightly, manufacturing faced sharp declines due to US tariffs, leading to layoffs across firms. Despite easing inflation and rising order volumes, overall growth remains tepid at 0.1% for the quarter, raising speculation about potential interest rate cuts by the Bank of England.
Source: YAHOO