Services sector shrinks for first time since 2010

The UK’s services sector has contracted for the first time in eight years, new figures released today show. BDO’s Services Output Index, which measures business output within the sector, plummeted to 94.73 in July from 96.85 the previous month.

This decline marks the first time that the services sector has shrunk since February 2010, and pushes the UK’s largest sector beneath the 95.0 point of contraction.