Prior 52.8Final Composite PMI 51.5 vs 51.0 prelimPrior 52.0Key findings:Modest increase in service sector business activityRenewed fall in total new workSharpest decline in employment since FebruaryComment:Tim Moore, Economics Director at S&P Global MarketIntelligence, said:"UK service providers recorded a third consecutivemonthly rise in business activity, but they were unableto maintain the growth rate achieved in June."Moreover, new business intakes swung back intocontraction during July, with the downturn in orderbooks the fastest for just over two-and-a-half years.Risk aversion and low confidence among clients werethe main reasons provided for sluggish sales pipelines,alongside an unfavourable global economic backdrop."Hiring trends were especially subdued, with totalworkforce numbers decreasing to the greatest extentsince February. Worries about rising payroll costs werecited as the main factor holding back recruitment."Suppliers again sought to pass on rising employmentcosts, although the latest increase in input pricesacross the service economy was the slowest sinceDecember 2024."Despite headwinds from strong cost pressures andlacklustre domestic economic conditions, serviceproviders remain upbeat overall regarding the yearahead business outlook. Optimism improved sinceJune, helped by receding concerns about US tariffs andhopes of a boost to business and consumer spendingfrom interest rate cuts in the second half of 2025." This article was written by Giuseppe Dellamotta at investinglive.com.