Market News
UK firms struggle but price pressures likely to keep Bank of England on alert - REUTERS
Summary
- Preliminary headline PMI slows to 51 in July vs 52 in June
- CBI: manufacturing more stable but outlook weak
- Both surveys suggest further weakness in the jobs market
- Bank of England contending with slowdown and inflation
LONDON, July 24 (Reuters) - British companies are struggling to grow and the job market continues to weaken, but inflation pressures are still lurking in the economy, according to surveys that are likely to keep the Bank of England on course for only gradual interest rate cuts.
S&P Global's preliminary UK Composite Purchasing Managers' Index (PMI) slowed to 51.0 in July from 52.0 in June, not far above the 50.0 level that separates growth from contraction. A Reuters poll had forecast a smaller fall to 51.8.
