{"id":72751,"date":"2021-09-03T10:14:11","date_gmt":"2021-09-03T10:14:11","guid":{"rendered":"https:\/\/secondchargemortgageuk.com\/?p=72751"},"modified":"2021-09-03T10:14:12","modified_gmt":"2021-09-03T10:14:12","slug":"uk-economy-lost-more-momentum-in-august","status":"publish","type":"post","link":"https:\/\/secondchargemortgageuk.com\/uk-economy-lost-more-momentum-in-august\/","title":{"rendered":"UK economy lost more momentum in August, PMI survey shows"},"content":{"rendered":"\n<p>UK economy &#8211; Britain\u2019s economic recovery from the COVID-19 pandemic lost more momentum last month than originally estimated as staff shortages and supply chain issues weighed on companies in the country\u2019s huge services sector, a survey showed on Friday.<\/p>\n\n\n\n<p>The IHS Markit\/CIPS UK Services Purchasing Managers\u2019 Index (PMI) fell to 55.0 in August, revised lower from a preliminary \u201cflash\u201d reading of 55.5 and down sharply from 59.6 in July.<\/p>\n\n\n\n<p>Overall the survey added to signs that British economic growth has slowed somewhat in the last month or so.<\/p>\n\n\n\n<p>The PMI marked a fifth month above the 50 threshold for growth and a record share of services companies said they were hiring staff &#8211; but they also struggled against rising costs.<\/p>\n\n\n\n<p><em>To find out more about how we can assist you with your <strong>Second Charge Mortgage<\/strong> please <a rel=\"noreferrer noopener\" href=\"https:\/\/secondchargemortgageuk.com\/contact-us\/\" target=\"_blank\">click here<\/a><\/em><\/p>\n\n\n\n<p>\u201cMany survey respondents commented on long wait times to fill vacancies and an unexpectedly high staff turnover as the UK economy reopened,\u201d said Tim Moore, economics director at IHS Markit.<\/p>\n\n\n\n<p>A separate survey published earlier on Friday by the Recruitment &amp; Employment Confederation also showed employers were still hunting for more staff than they were just before the pandemic, added to signs of a tight labour market after COVID-19 lockdowns and Brexit.<\/p>\n\n\n\n<p>IHS Markit said consumer demand slowed last month after an initial post-lockdown surge.<\/p>\n\n\n\n<p>Others said a slowing property market caused by partial withdrawal of a tax break on home purchases, a lack of tourists and Brexit trade frictions dampened growth too.<\/p>\n\n\n\n<p>The composite PMI, which combines the services and manufacturing sectors, fell to 54.8 in August from 59.2 in July.<\/p>\n\n\n\n<p><em>Reporting by Andy Bruce<\/em><\/p>\n\n\n\n<p>Source: <a rel=\"noreferrer noopener\" href=\"https:\/\/www.reuters.com\/article\/britain-economy-pmi-idUSKBN2FZ0P1\" target=\"_blank\">UK Reuters<\/a><\/p>\n\n\n\n<p><em>Discover our <a rel=\"noreferrer noopener\" href=\"https:\/\/secondchargemortgageuk.com\/\" target=\"_blank\"><strong>Second Charge Mortgage Broker<\/strong><\/a> services.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>UK economy &#8211; Britain\u2019s economic recovery from the COVID-19 pandemic lost more momentum last month than originally estimated as staff shortages and supply chain issues weighed on companies in the country\u2019s huge services sector, a survey showed on Friday. The IHS Markit\/CIPS UK Services Purchasing Managers\u2019 Index (PMI) fell to 55.0 in August, revised lower [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":72361,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false},"categories":[1978],"tags":[2115,2164,2075],"yst_prominent_words":[585,1330,1252,617,207,1114,485,1819,1126,797,111],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v14.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>UK economy lost more momentum in August, PMI survey shows<\/title>\n<meta name=\"description\" content=\"UK economy lost more momentum last month than originally estimated as staff shortages and supply chain issues weighed on companies in the services sector.\" \/>\n<meta name=\"robots\" content=\"index, follow\" \/>\n<meta name=\"googlebot\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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