Business activity across the service economy decreased for the second month running in June. Although only modest, the rate of contraction was the steepest for nearly threeand-a-half years. At 48.8 in June, down from 49.3 in May, the headline seasonally adjusted S&P Global UK Services PMI Business Activity Index remained below the 50.0 no-change mark and fell to its lowest reading since the start of 2023. Service providers typically cited lacklustre domestic economic conditions, ongoing geopolitical uncertainties linked to the Middle East conflict and general risk aversion among clients. Consumer-facing firms ... (full story)