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UK Services Sector grows more than expectations

Companies in Britain’s dominant services sector grew more quickly than expected in May after a winter slump in early 2018, but the approach of Brexit held back many companies, a survey showed this morning.

The IHS Markit/CIPS services purchasing managers’ index (PMI) rose to a three-month high of 54.0 in May, better than a median forecast of 53.0 in a poll of economists and up from 52.8 in April.

That meant the overall economy was on course to grow by between 0.3 and 0.4 percent in the April-June period, faster than the quarterly growth of just 0.1 percent in the first three months of 2018, Markit said.

Earlier on Tuesday, two surveys showed British shoppers ramped up their spending in May, another sign that the overall economy is recovering from its early 2018 slowdown.

Still, the Pound’s strength has been limited too as Brexit uncertainties have persisted and kept the pressure on the British currency.

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