UK May final services PMI 55.2 vs 55.1 prelim

• Prior 55.9
• Composite PMI 54.0 vs 53.9 prelim
• Prior 54.9

Little change to the initial estimates as UK services activity continues to keep more robust in May. A strong rise in output and new work is helping to underpin the expansion. S&P Global notes that:

"Service sector businesses have experienced strong growth so far in the second quarter of 2023, fuelled by resilient demand for consumer and technology services, combined with a post-pandemic tailwind as households switched from spending on goods to services. Rising export sales were also reported in May, reflecting increased international visitor numbers and improving demand for business services from clients based in the US and Europe.

"Job creation was maintained in May as service providers recruited additional staff in support of rising business requirements. Some firms noted a gradual improvement in candidate availability, likely reflecting a slowdown in hiring from the levels seen last year.

"Intense wage pressures continued across the service economy, despite a moderation in employment growth. Higher salary payments more than offset lower fuel costs, which meant that overall input price inflation Inflation Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Read this Term edged up to its strongest for three months in May. Average prices charged by service sector companies nonetheless increased at the second-weakest pace since August 2021 amid some reports of greater price resistance among clients."