Business is soaring for UK services firms, and so are prices – PMI

The City of London financial district can be seen as people walk along the south side of the River Thames, amid the coronavirus disease (COVID-19) outbreak in London, Britain, March 19, 2021. REUTERS/Henry Nicholls

LONDON, July 5 (Reuters) – The post-lockdown bounce-back for British services firms eased only slightly in June but price pressures jumped by the most on record, adding to signs of a further rise in inflation ahead, a survey showed on Monday.

The IHS Markit/CIPS Purchasing Managers’ Index for the sector edged down to 62.4 from 62.9 in May but was slightly higher than a preliminary June reading of 61.7.

Job creation was the fastest for seven years but even so staff shortages contributed to the highest level of backlogs since the survey began in 1996. That in turn helped to push up prices by the most on record for inputs and prices charged.

Britain’s economy slumped by nearly 10% last year as the country suffered one of the world’s highest…

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