UK business activity came closer to stabilising in June, according to provisional PMI survey data, boosting hopes that the economy will return to growth in the third quarter after an unprecedented downturn due to the coronavirus disease 2019 (COVID-19) pandemic.
Record PMI rise
The flash IHS Markit/CIPS composite PMI, based on around 80% of normal replies received from the monthly surveys, showed a record rise in points terms for a second consecutive month in June. The headline index, measuring output of both manufacturing and services, rose from 30.0 in May to 47.6, its highest since