IHS Markit/CIPS Services PMI (Jun.)

Following the falls in the manufacturing and construction surveys, the smaller decline in the headline business activity balance of the services PMI, from 51.0 in May to 50.2 in June, was a bit of a relief. Nonetheless, the weak surveys have caused us to revise down our estimate for quarterly growth in Q2 from -0.1% to -0.2%.

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