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The private sector output in the United Kingdom slumped to a 15-month low in May, dragged by the inflationary uptick and escalating geopolitical tensions.
Source: Markit Economics
EWU is down 0.37%, while EZU is down 0.25% premarket.
The United Kingdom’s PMI Composite Output Index fell to 51.8 in May from 58.2 in April. This is the lowest in 15 months, marking the slowest expansion recorded since the recovery started in March 2021.
The UK Services PMI Business Activity Index declined to a 15-month low of 51.8 in May from 58.9 in April, Manufacturing Output to a two-month low of 51.8, and Manufacturing PMI to a 16-month low of 54.6.
The UK recorded slower new order growth for the third straight month, marking the weakest expansion since March 2021. This was attributed to heightened economic uncertainty and higher costs and their impact on demand.
Business expectations also plunged to a two-year low, as firms cited concerns over the global economic outlook and lesser projects regarding consumer spending.
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