UK private sector activity softens in May - Breaking The News

UK private sector activity softens in May

5 June

1 min read

EPA-EFE/ANDY RAIN

The United Kingdom's services sector activity continued to expand in May, albeit at a slower rate than in the previous month, according to a report released on Wednesday by S&P Global and the Chartered Institute of Purchasing & Supply (CIPS).

UK Services PMI Business Activity Index remained above the 50-point neutral mark in May, coming at 52.9 and signaling "a sustained expansion in output across the UK's services economy. However, the reading was 2.1 index points lower than the April figure.

The Composite Output Index came in at 53.0 in May, falling from April's one-year high of 54.1. "Taken in tandem with our earlier-released manufacturing survey, the PMIs imply GDP growth of around 0.3% so far in the second quarter," S&P Global Market Intelligence Principal Economist Joe Hayes commented.

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