UK Services PMI falls to 56.5 in May

FXStreet (Mumbai) – The seasonally adjusted Markit/CIPS UK Services Purchasing Manager’s Index (PMI) in May came-in at 56.5, missing the estimate of 59.2. The actual print was lower than April’s 59.5.

The inflow of new work with service providers rose or the twenty-ninth month running, but at the weakest pace since last December. Input prices increased at the fastest rate in eight months in May mainly due to greater cost pressures to salaries, fuel and some foodstuffs. The higher input prices translated into higher output prices. Output prices had declined at the fastest rate in over three years in April.

The seasonally adjusted Markit/CIPS UK Services Purchasing Manager’s Index (PMI) in May came-in at 56.5, missing the estimate of 59.2. The actual print was lower than April’s 59.5.

(Market News Provided by FXstreet)