The S&P Global/CIPS Purchasing Managers' Index for Britain's services sector dropped to 49.5 in August from 51.5 in July - a seven-month low but above anThe broader composite PMI - which also includes Friday's- dropped to 48.6 from 50.8, again the lowest since January but revised up from an estimate of 47.9 for August, which was the lowest since January 2021.
Backlogs of work fell by the most in more than three years as fewer orders came in, and businesses responded by hiring staff at the slowest rate in five months. "Key data to watch in the coming months will be the extent to which weaker employment trends and softer demand translate into falling domestic inflation," Moore said.
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