UK contraction slows in June

The all-sector UK Purchasing Managers' Index (PMI) rose to 51 in June up from 50.4 in May indicating the fastest rate of acceleration since March 2008.

According to Markit's research, the all-sector index for the UK was far higher then any comparable index for the big four eurozone national economies of France, Germany, Italy and Spain. In addition the research suggests the rate of GDP contraction is slowing in the UK and Q2 figures will show a smaller decline than the 2.4% drop recorded in Q1 - the worst for 50 years. Of the three sectors Markit covered, manufacturing has seen the best performance with its output figures rising above the 50 ‘no-change' level for the first time since March last year. In the service sector, activit...