UK PMI Services was finalized at 53.4 in May, down from April’s 58.9. That’s the weakest level since February 2021. PMI Composite was finalized at 53.1, down from April’s 58.2. S&P Global added that business activity expansions eased for the second month running. Input cost and prices charged inflation hit fresh record highs. Growth projections were lowest since October 2020.
Tim Moore, Economics Director at S&P Global Market Intelligence: “May data illustrate a worrying combination of slower growth and higher prices across the UK service sector. The latest round of input cost inflation was the steepest since this index began in July 1996, while the monthly loss of momentum for business activity expansion was a survey-record outside of lockdown periods.”
