Mixed Performance in Services and Manufacturing Sectors
The Composite PMI Output Index remained above the 50.0 no-change threshold for the third month but dropped to 50.6 from May’s 52.4, signaling a noticeable slowdown in growth across the private sector. The services sector showed a solid increase with an index of 53.5, although the momentum was waning. Conversely, manufacturing faced a significant setback, with the output index falling to 44.9, marking the fastest rate of decline in three months.
Impact on New Business and Export Sales
New business orders fell overall due to a sharp decline in manufacturing orders, which overshadowed modest gains in the services sector. While the services sector saw a second consecutive monthly rise in new business from abroad, manufacturing export sales fell at the quickest rate since March.