India, Aug. 5 -- The UK service sector growth softened in July as new business intakes swung back into contraction, survey results from S&P Global showed on Tuesday.
The headline services Purchasing Managers' Index dropped to 51.8 in July from 52.8 in June. The score has remained above the neutral 50.0 mark for the third straight month and also above the initial estimate of 51.2.
Total new work contracted at the fastest pace since November 2022. Export sales also declined in July, which was linked to fragile global economic conditions and elevated geopolitical tensions.
There was a solid reduction in staffing in July. Respondents cited hiring freezes and redundancies in response to subdued demand and robust input cost inflation.
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