- Before 55.9
- Composite PMI 54.0 vs. 53.9 preliminary
- Before 54.9
Little change from initial estimates as UK services activity continues to remain more robust in May. A sharp rise in production and new work are helping to support the expansion. S&P Global notes that:
“Companies in the services sector have seen strong growth so far in the second quarter of 2023, fueled by resilient demand for consumer and technology services, combined with a post-pandemic tailwind as households shifted from spending in goods to services.An increase in export sales was also reported in May, reflecting the increase in the number of international visitors and the improvement in demand for business services from customers based in the United States. United and Europe.
“Job creation held up in May as service providers hired additional staff to meet growing business needs. Some companies noted a gradual improvement in candidate availability, likely reflecting a slowdown in hiring from levels seen last year.
“Intense wage pressures have continued across the services economy, despite moderating job growth. Higher wages have more than offset lower fuel costs, meaning the overall price of inputs inflation
Inflation
Inflation is defined as a quantitative measure of the rate at 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 price level where a given currency is effectively buying less than it has in previous periods. In terms of valuation of strength or currencies, and by extension foreign currencies, inflation or its measures are extremely influential. Inflation stems from the global creation of money. This money is m
Inflation is defined as a quantitative measure of the rate at 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 price level where a given currency is effectively buying less than it has in previous periods. In terms of valuation of strength or currencies, and by extension foreign currencies, inflation or its measures are extremely influential. Inflation stems from the global creation of money. This money is m
Read this term hit its highest level in three months in May. Average prices charged by businesses in the service sector nevertheless rose at the second slowest pace since August 2021, amid some reports of greater price resilience among customers. »
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