Britain’s services sector grows for second month in June running despite modest pullback

Britain’s services sector grows for second month

LONDON — Activity in Britain’s services sector rose for the second month running in June despite a modest slowdown in activity, a closely-watched survey showed Friday.

In its monthly asessment of the sector, the Chartered Institute for Purchasing and Supply said its purchasing managers’ index — a broad gauge of business activity — for the sector in June dipped slightly to 51.6 from May’s 51.7.

Despite the modest decline, the sector continues to grow as any reading above 50 indicates expansion. The closer to 50, the lower the rate of growth.

Elsewhere, a similar survey from information services company Markit for the 16 countries that use the euro showed that the services sector remains mired in recession. Though it revised up its purchasing managers index for the euro zone’s services sector for June to 44.7 from the initial estimate of 44.5, it was still below May’s 44.8.

Any reading below 50 indicates contraction and the greater the difference from 50 the bigger the fall in output.