(S&P Global) UK Services PMI was recorded at 53.4 in May, down from 58.9 in April, signaling the weakest expansion since February 2021.
The slowdowns in the UK service sector were attributed to the rising inflation and concerns about the economic outlook. Both input and output charges hit a record level in May.
New order growth slowed in May, while the rate of expansion of new business was the weakest in the year.
Job creation still continued to grow, although the rate of job creation was unchanged from April. Backlogs rose modestly, with the levels of unfinished work rising for the fifteenth straight month in May.
The degree of business optimism weakened to the lowest since October 2020. Worries about the cost of living and an uncertain economic landscape led to the loss of confidence.
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