6/3, 10:54 AM (Source: TeleTrader)
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UK services sector downturn eases in May

The activity of the United Kingdom's service sector activity improved slightly in May but still remained deep in contraction territory as the coronavirus continued to impact the economy, IHS Markit and Chartered Institute of Procurement & Supply (CIPS) said in a report on Wednesday. The UK Services PMI Business Activity Index climbed to 29 in May, compared to 13.4 in the previous month. Only 13% of survey participants reported an increase in business activity, while 54% signalled a decline.

Meanwhile, the IHS Markit/CIPS UK Composite Output Index rose from April's record low of 13.8 to reach 30 in May.

Economics director at IHS Markit, Tim Moore, stated: "The COVID-19 pandemic continued to have a severe impact on UK service sector activity in May, despite a boost in some areas from the gradual easing of lockdown measures."

Breaking the News / NP