On July 24, Globinews reported that Chris Williamson, Chief Business Economist at S&P Global Market Intelligence, stated that the initial PMI survey data for July in the UK marks an encouraging start to the second half of the year, with output, order and employment growth accelerating at a faster rate in the context of a rebound in business confidence, while price pressures are easing. "The first business survey after the election paints a positive picture for the new government, with manufacturing and service sector firms feeling optimistic about the future, reporting a surge in demand and an increase in hiring." Meanwhile, the rise in prices has hit a three-and-a-half-year low, further increasing the likelihood of a summer rate cut. "However, policy makers may adopt a cautious approach to easing policy as signs suggest that inflation pressures are shifting from the service sector to the manufacturing sector, and delays in Red Sea shipping and rising freight prices are adding to manufacturing costs once again. A new trend in hiring could also increase wage pressures, maintaining a certain degree of inflation stickiness in the coming months."