UK Services Sector Contracts at Fastest Pace Since January 2023 - What Does It Mean for Jobs and Economy?

Source: International Business Times

Britain's services sector contracted at its fastest pace since January 2023, raising concerns over hiring, business investment and the strength of the UK's economic recovery. Britain's services sector, which accounts for around 80% of the UK economy, contracted at its fastest pace since January 2023, according to the latest S&P Global/CIPS Purchasing Managers' Index (PMI). The slowdown comes despite official figures showing the economy returned to modest growth in May, reinforcing concerns that the UK's recovery remains fragile.