The headline seasonally adjusted S&P Global/CIPS UK Services PMI Business Activity Index at 53.4 in May, down from 58.9 in April. It pointed to the slowest rise in output volume since the current period of expansion began 15 months ago. Business activity growth eased considerably since April and margins were squeezed again by rising inflation. The weakest headline index reading since February 2021 mostly reflected subdued business and consumer confidence, with worries about the economic outlook also contributing to softer demand patterns in May. Powered by Commodity Insights
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