Activity in Britain’s dominant services sector contracted for a second month running in June and by the most since early 2023 as the fallout from the Iran war continued to weigh on companies, a closely watched survey showed, accroding to Reuters.

The S&P Global Purchasing Managers’ Index for the services sector in June fell to 48.8 from May’s 49.3, representing the second fall in a row in activity and the weakest since January 2023.

Friday’s reading was slightly stronger than a preliminary flash estimate of 48.7. A reading below 50 signals contraction.