5/24, 10:30 AM (Source: TeleTrader)
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UK business activity at 15-month low in May

United Kingdom Composite Output Index stood at 51.8 in May, down 6.4 index points from the month prior, according to a preliminary report published by the S&P Global and the Chartered Institute of Purchasing & Supply (CIPS) on Tuesday. The May reading was the lowest in 15 months and the monthly drop in May was the fourth-biggest in the history of the data series.

Flash UK Services PMI Business Activity Index decreased by 7.1 index points from April, landing at a 15-month low of 51.8 in May, while Flash UK Manufacturing PMI hit 54.6, representing a 1.2 index point decline compared to the previous month and the weakest number in 16 months.

"The survey data... point to the economy almost grinding to a halt as inflationary pressure rises to unprecedented levels" and "indicate a heightened risk of the economy falling into recession as the Bank of England fights to control inflation," S&P Global Market Intelligence Chief Business Economist Chris Williamson noted in the report.

Baha Breaking News (BBN) / MS