Economy ‘loses momentum again’ as private sector growth slows despite retail boost

The S&P Global/CIPS flash UK purchasing managers’ index fell to 52.8 in June from 54 in May

Growth in the private sector has dropped, according to a survey (PA) (PA Archive)

Britain’s economy “has lost momentum again” as growth in the private sector dropped to its slowest for three months, despite an unexpected boost in retail sales.

The S&P Global/CIPS flash UK purchasing managers’ index declined to 52.8 in June from 54 in May – a sharper slowdown than expected. Any reading above 50 is considered to show the sector is growing.

Chris Williamson, chief business economist at S&P Global Market Intelligence, said: “June’s flash PMI survey indicates that the UK economy has lost momentum again after a brief growth spurt in the spring and looks set to weaken further in the months ahead.