UK S&P Global Services PMI Flash (May) 47.9 vs. Exp. 51.7 (Prev. 52.7, Low. 50.3, High. 53)
- "The May PMI data indicate that the economy contracted at a 0.2% quarterly rate, representing a marked contrast to the robust growth seen earlier in the year"
- "Things could well get worse in the coming months"
- "Just as the economy shows signs of sinking into decline, prices are surging higher to herald a marked upturn in inflation in the months ahead as these costs pass through to consumers."
- "This combination of a faltering economy and spiking price pressures leaves the Bank of England in a major quandary, facing the growing need to hike rates to help contain inflation but thereby adding to recession risks.”
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