Business expectations slump to weakest since May 2020

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Key findings:

Flash UK PMI Composite Output Index(1) at 53.1

(May: 53.1). Unchanged since previous month.

Flash UK Services PMI Business Activity Index(2) at

53.4 (May: 53.4). Unchanged since previous month.

Flash UK Manufacturing Output Index(3) at 51.2

(May: 51.6). 16-month low.

Flash UK Manufacturing PMI(4) at 53.4 (May: 54.6).

23-month low.

Data were collected 13-21 June

S&P Global / CIPS Flash UK PMI Composite Output Index

June data indicated that output growth across the UK private

sector was unchanged from the 15-month low seen in May.

Resilient business activity trends were seen across the

service economy as a whole, but manufacturing production

growth eased further to its lowest since February 2021.

Demand conditions remained subdued in June, with new

order growth slowing for the fourth month running and to a

greater extent than seen during May.

Worries about customer spending cutbacks and the impact

of rapid inflation on the longer-term economic outlook led to

another fall in business activity expectations. Optimism at

UK private sector companies has declined in each month

since February and is now the lowest for just over two years.

At 53.1 in June, the headline seasonally adjusted S&P

Global / CIPS Flash UK Composite Output Index was

unchanged from the reading in May and posted above the

neutral 50.0 value for the sixteenth consecutive month.

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