Britain's PMI grew for the fourth consecutive month in May

The data showed that the composite PMI, which combines the manufacturing and services sectors in the United Kingdom, fell to 53.9 points in May, compared to 54.9 points in April, the fourth consecutive month of growth. The Bank of England monitors prices in the services sector as an indicator of the extent of inflationary pressure in the economy, and the Bank of England has raised interest rates in 12 consecutive sessions since late 2021.

Prices paid by manufacturers fell for the first time since November 2019 while the prices they charged grew at the slowest pace since October 2020, and companies across the manufacturing and service sectors became slightly less optimistic about their prospects over the next 12 months, with confidence about future production dropping to an all-time low. in three months.