Activity stalls in UK service sector

At 47.4, the index remained below 50 for the third successive month, up fractionally on June, but still indicative of contraction. Meanwhile, ONS data revealed manufacturing output declined for the fourth month running in June, slipping by 0.5pc on the month and 1.3pc, year-on-year. The annual pace of decline was the fastest since December 2005, when output dipped by 1.9pc. The official figures were in tune with last week's CIPS manufacturing indices, which showed output declining in July, also. Ben Read, senior economist at the cebr, said: "These figures will do nothing to quel...