LONDON, Sept. 4 (Xinhua) -- British service sector activity in August lost momentum amid political uncertainty, according to a survey published Wednesday by IHS Markit, a London-based global information provider.
IHS Markit/CIPS statistics showed that the seasonally adjusted service Purchasing Managers' Index (PMI) stood at 50.6 in August, down from 51.4 in July, with a marginal expansion of service sector output.
According to the survey, the reading of 50.6 in August was recorded above the 50.0 no-change benchmark for the fifth consecutive month, the lowest since June.
Meanwhile, the seasonally adjusted all sector output Index was at 49.7 in August, down from 50.3 in July, below the 50.0 no-change mark for the second time in the past three months.
Chris Williamson, chief business economist at IHS Markit, said, "Business activity in the service sector almost stalled in August as Brexit-related worries escalated, curbing spending by both businesses and consumers."
"So far this year, the services economy has reported its worst performance since 2008, with worrying weakness seen across sectors such as transport, financial services, hotels and restaurants, and business-to-business services," Williamson said.
"After surveys indicated that both manufacturing and construction remained in deep downturns in August, the lack of any meaningful growth in the service sector raises the likelihood that the UK economy is slipping into recession," he added.
