UK PMI Services was finalized at 55.2 in May, down slightly from April’s 55.9. S&P Global said there were robust rises in output and incoming new work. Staffing numbers increased for the fifth month running. Wage pressures pushed up cost inflation to a new three-month high. PMI Composite was finalized at 54.0, down from prior month’s 54.9.
Tim Moore, Economics Director at S&P Global Market Intelligence: “Service sector businesses have experienced strong growth so far in the second quarter of 2023… Rising export sales were also reported… Job creation was maintained… Intense wage pressures continued across the service economy… Average prices charged by service sector companies nonetheless increased at the second-weakest pace since August 2021.”
