UK PMI Manufacturing dropped from 55.8 to 54.6 in May, below expectation of 55.1, hitting a 16-month low. PMI Services dropped sharply from 58.9 to 51.8, well below expectation of 57.3, a 15-month low. The headline seasonally adjusted S&P Global / CIPS Flash UK Composite Output Index registered 51.8 in May, down sharply from 58.2 in April, to signal the slowest rise in business activity since the current phase of recovery began in March 2021. Moreover, the month-on-month loss of momentum in May (-6.4 index points) was the fourth-largest on record and exceeded anything seen prior to the pandemic. Powered by Commodity Insights
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