Growth slows across private sector as job cuts increase

GROWTH in the UK's private sector slowed down last month as firms also accelerated job cuts in the face of higher costs, according to new figures.

- HENRY SAKER-CLARK

The S&P Global flash UK composite purchasing managers' index (PMI) reported a reading of 51 in July, sliding from a nine-month high of 52 reported in June.

The flash figures are based on preliminary data. Any score above 50.0 indicates that activity is growing, while any score below means it is contracting.

The figures therefore pointed towards continued growth but at a slower rate.

It was also weaker than expected by economists, who had predicted a reading of 51.8 for the month.

Chris Williamson, chief business economist at S&P Global Market Intelligence, said: The flash UK PMI survey for July shows the economy struggling to expand as we move into the second half of the year.