Services PMI falls over 3 points below 50

Highlights from the press release pretty gloomy, but also pointing to inflationary pressures peaking.

• "Both activity and new work declined for the first time since January amid reports that an uncertain economic outlook had dampened client confidence and led to a deterioration in demand. Subsequently, concerns around the outlook intensified and business confidence fell to a 20-month low."
• "The latest rise [in costs] was the slowest for six-months, hinting further at a peaking of cost pressures, but nonetheless amongst the steepest on record"
• "The rate of charge inflation also eased on the month, but was still the third-quickest on record. "
• "The Future Activity Index ticked down to the lowest level since November 2020. Panellists attributed reduced sentiment to a challenging economic climate, political uncertainty, the war in Ukraine and tighter financial conditions."