UK PMI survey shows sharpest business slowdown in 7 months

LONDON, Sept 5 - Business activity in Britain's services sector fell last month for the first time since January as higher interest rates reduced consumer and corporate demand, a survey showed on Tuesday, although the drop was less than initially estimated.

"Service providers saw customer spending reverse course during August as higher borrowing costs, subdued business confidence, and stretched household finances all acted to curtail sales opportunities," Tim Moore, economics director at S&P Global, said on Tuesday. Earlier on Tuesday, Barclays reported a slowdown in consumer spending growth in August, which it said was partly due to unusually wet summer weather as well as the broader cost-of-living squeeze.

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

UK PMI survey shows sharpest business slowdown in 7 monthsBy David Milliken LONDON (Reuters) - Business activity in Britain's services sector fell last month for the first time since January as higher interest ...
Source: SaltWire Network - 🏆 45. / 63 Read more »

UAE's non-oil business growth slows in August but confidence high-PMIDUBAI (Reuters) - Growth in non-oil business activity in the United Arab Emirates eased in August to the slowest pace in six months, but business ...
Source: SaltWire Network - 🏆 45. / 63 Read more »