Inflation, Election Jitters Take a Toll on U.K. Services
- PMI slips to 53.8, bigger decline than economists had forecast
- Index still indicates economy regained some momentum in 2Q
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U.K. services activity cooled more than economists expected in May, as election uncertainty and tightening household budgets weighed on demand.
IHS Markit’s Purchasing Managers Index fell to 53.8 from 55.8 in April. That’s the weakest since February and below the reading of 55 forecast in a survey, though still above the 50-mark dividing expansion from contraction.