Latest data released by Markit/CIPS - 3 July 2019
- Prior 51.0
- Composite PMI 49.7 vs 51.0 expected
- Prior 50.9
Those aren't good readings whatsoever and will only exacerbate heightened concerns surrounding the UK economy as of late. Of note, Markit says that the economy has shrank in Q2 amid Brexit and global worries.
The fall in the composite reading shows the first contraction since July 2016. Some commentary by Markit:
"The latest downturn has followed a gradual deterioration in demand over the past year as Brexit-related uncertainty has increasingly exacerbated the impact of a broader global economic slowdown. Risks also remain skewed to the downside as sentiment about the year ahead is worryingly subdued, suggesting the third quarter could see businesses continue to struggle."
The pound holds slightly weaker, with cable back near the lows at 1.2560 after having recovered to around 1.2570 levels earlier.
