- Prelim was 51.6
- Prior was 53.4
- Composite PMI 52.3 vs 51.2 prelim
- Business confidence for the year ahead at 21-month low
Chris Williamson, Chief Business Economist at S&P Global Market Intelligence, said:
"June saw signs of a broad-based weakening of the economy with demand now falling in both the manufacturing and service sectors. While the survey data point to a stalling of GDP at the end of the second quarter, a downshifting in the forward-looking new orders index and drop in companies' future output expectations hints at falling economic activity as we head through the summer.
"Demand for goods and services from households is showing signs of moderating substantially due to the rising cost of living. Meanwhile, tighter financial conditions are starting to hit, and it was notable that the service sector slowdown was led by a steep drop in financial services activity.
"Meanwhile there was welcome news in terms of a marked easing in upward price pressures, but it's clear that price growth remains elevated despite coming off recent peaks, all of which points to a bout of stagflation in the near term.