UK business activity slows on supply crunch

LONDON: Britain’s private sector business activity is slowing sharply on the back of shortages of staff and raw materials, a key survey showed.
The composite purchasing managers’ index (PMI) slowed to a four-month low of 57.7 points in July, compilers IHS Markit and the Chartered Institute of Procurement and Supply said in a statement.
The reading compared with a reading of 62.2 in June, but held above the key 50 level to indicate expansion.
“The speed of recovery was the weakest since March, with survey respondents widely reporting staff and raw material shortages due to the pandemic,” the statement said.
“Concerns about the loss of momentum contributed to the lowest degree of optimism towards the business outlook for nine months.”