UK's economy slows down

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Source: Dukascopy Bank SA
UK's economic performance slowed significantly in July. The Composite Output Index fell to 51.0 from a nine-month high of 52.0 in June. While this is the third consecutive month of growth, the pace is now marginal and equivalent to just 0.1% quarterly GDP growth. This slowdown was driven by a loss of momentum in the service sector, which faced a sharp drop in new orders. In contrast, manufacturing production stabilized, ending an eight-month period of contraction, though it was still hampered by US tariffs delaying exports.



The challenging conditions had a clear impact on the labor market, with job shedding accelerating to its fastest rate since February. Businesses cited weak customer demand and rising payroll costs as reasons for reducing headcounts. Despite the slowdown, inflationary pressures accelerated for the first time in three months, with businesses facing higher wage and transport costs. These increased costs were subsequently passed on to customers through higher selling prices.
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