The UK economy opened the third quarter on a weak footing. Output and new orders both fell for the first time since the end of 2012, while service providers’ optimism about the coming 12 months slumped to a seven-and-a-half year low. The headline Markit Flash UK Composite Output Index – which is compiled using the same methodology as Flash PMI data published for the euro area, the United States and Japan – fell to 47.7 in July, its lowest reading since April 2009. Data were collected between July 12-21. The weaker performance of the UK economy during July was especially striking when looking at the month-on-month ... (full story)