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UK services shrink to lowest since Jan 2023
The services sector in Britain, which is the main driver of the economy, declined at its fastest pace in about three and a half years in June, with the index registering at 48.7 compared to 49.3 in May. This reflects a contraction in activity, a decline in new orders, and a decrease in employment. The data comes amid economic challenges including intermittent growth, high inflation, and pressure on public finances, following a 0.1% decrease in economic output in May and the possibility of it repeating in June. The manufacturing sector also showed signs of slowing down, reaching its lowest level in three months.
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