[PMI Survey Shows UK Businesses Report First Growth in Three Months as Cost Pressures Ease] According to a PMI survey, UK businesses reported their first growth in three months in July, benefiting from a brief respite during the Iran-Iraq War and representing the most optimistic performance since the conflict began. The UK's composite PMI rose to 52.1 in July from 49.3 in June, reaching its highest level since February, while market expectations were only for a slight improvement to 49.7. The UK's services PMI rose to 51.8 in July from 48.8, reaching its highest level since April, while the manufacturing PMI rose to 52.8 from 52.5. Chris Williamson, chief business economist at S&P Global Market Intelligence, said the hotel industry benefited from hot weather, the World Cup, and people choosing to holiday in the UK, as high costs and uncertainty dampened overseas travel.
