Olympics Will Hardly Benefit the UK (ms)

Services are crucial for the UK economy, so any news from this sector is always the centre of investor attention.

According to Markit Economics, the UK Services PMI is falling.

In July the index hit its low since January 2011. Each month it moves closer to the level of 50 which separates growth from contraction. In July the index came in at 51 points, and this was what experts had projected.

There are two main reasons for sluggish activity in the UK services sector: London 2012 Olympics and dull weather. However, not only the sector of services is troubled - the overall economy of the country is in the doldrums.

The country is sinking deeper into recession during three past quarters with its GDP being negative at -0.8%.

UK Chancellor George Osbourne thinks the national economy will decrease by 0.5% in 2012 thus hindering the government program on cutting budget deficit.

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