The Services PMI by IHS Markit for the United Kingdom stood at 56.5 in July 2020, slightly changing from the initial estimate of 56.6 and well above the June end reading at 47.1.
The latest PMI figure signaled the fastest pace of expansion since July 2015 as the economy recovers from the pandemic shock.
- Backlogs of work dropped again and employment fell at a steep and accelerated pace amid concerns of only a partial recovery in longer-term demand from the levels seen prior to the pandemic.
- On the price front, average cost burdens increased at a robust pace in July.
- Business optimism hit a five-month high.