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Financial News: UK Service Sector Growth Improves In May

UK Service Sector Growth Improves In May

06/05/2019 - 06:32:00 (RTTNews)

(RTTNews) - The UK service sector growth improved to a three-month high in May, survey data from IHS Markit showed Wednesday.

The Chartered Institute of Procurement & Supply services Purchasing Managers' Index rose to 51.0 in May from 50.4 in April.

The reading was also above the forecast of 50.6. A score above 50 indicates expansion in the sector.

The survey showed that the recovery in services output was supported by a moderate rebound in new business and the fastest upturn in staffing levels since November 2018.

Business optimism also improved in May to the highest level in eight months.

At 50.7 in May, the all sector output index dropped from 50.9 in April. A sharp slowdown in manufacturing production growth and lower construction output more than offset an improvement in service sector, the survey revealed.

"...the PMI surveys collectively indicated that the UK economy remained close to stagnation midway through the second quarter as a result, registering one of the weakest performances since 2012," Chris Williamson, chief business economist at IHS Markit, said.

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