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British services PMI drops to 56.5 in May

Xinhua, June 3, 2015 Adjust font size:

British services purchasing managers' index (PMI), a gauge measuring the industry activity, dropped substantially to 56.5 in May 2015 from 59.5 a month earlier, said Markit Economics Limited Wednesday.

The rates of growth in both total business activity and new work slowed to the weakest in 2015 so far, but nevertheless remained sharp overall and stronger than the long-run survey averages, said the London-based survey compiler.

New business inflows to the sector registered the 29th month rising in May but at the weakest pace since last December. Stronger sentiment following the election was reported as a factor underpinning firm's business expectation, and the service providers continued to expand workforces at a marked pace over the period, said Markit.

Chris Williamson, Chief Economist at Markit, said: "Recent weakness in manufacturing and construction has spread to services. Overall growth in May across all three sectors was the lowest since December and the second-weakest for two years."

The services sector dominates the UK economy, contributing around three quarters of the GDP, according to the Office of National Statistics. Endit