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UK Services PMI at a five-month low

Wednesday, Jun 03 2015
The UK Business Activity Index signalled growth of services output for the twenty-ninth successive month in May, posting 56.5. Analysts were anticipating smaller decline to 59.2. The latest figure signalled strong overall growth, albeit the weakest in five months. The decline in the Index from 59.5 in April was the steepest since August 2011, but it remained above its long-run trend level of 55.2. 
 
The rates of growth in both total business activity and new work slowed to the weakest in 2015 so far, but nevertheless remained sharp overall and stronger than the long-run survey averages. Outstanding work continued to rise, despite further strong workforce growth, while firms reported lower business uncertainty following the result of the general election. Meanwhile, cost pressures reached an eight-month high, and firms increased their own charges having discounted in April.
 
After the figures Sterling fell and is currently being traded few points below 1.5290 area. Pair is likely to find support around 1.5250 and resistance above  level. Later today, in the US session, ADP job figures as well as Trade Balance and Non-Manufacturing PMI data is scheduled for a release.
More in this category: « Spanish and Italian Services PMI fell in May Eurozone Retail Sales rose by 0.7% »

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