UK economic activity slowed sharply in July as rising interest rates hit consumer spending and a manufacturing downturn deepened, a closely watched survey has shown.
The flash UK PMI services output index, a measure of activity in the sector, fell to a six-month low of 51.3, according to new data released on Monday.
Meanwhile the manufacturing output index hit a seven-month low of 46.5, indicating that a majority of businesses were reporting a contraction. This brought the composite index, which combines the two sectors, to a seven-month low of 50.7, down from 52.8 in June.
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