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Analysts at TD Securities note that the UK services PMI slipped from 55.1 to 53.5 in July, softer than the 54.7 consensus.

Key Quotes

“This was a 3-month low for the services PMI, and one of the bigger drags was the employment sub-index, which reached its lowest level since August 2016.”

“The report notes that this was at least partially due to difficulty filling jobs, as reports of labour shortages continue to grow.”

“Other factors were the warm, sunny weather and World Cup, which supported some industries but weighed on others like retail (with lower footfall), as well as Brexit, where there were reports of delayed decision-making and greater risk aversion.”