Article #68606

Rolling coverage of the latest economic and financial news

Today’s UK Service PMI report (which polls purchasing managers from across the sector) found there was a “sustained reduction in backlogs of work across the service economy”.

This was due to weak demand, S&P Global reports, adding:

This contributed to another fall in employment numbers, with the pace of job losses the sharpest since February. Many service providers noted either redundancies or the non-replacement of voluntary leavers in response to reduced business requirements and pressure on margins from rising costs.