The UK’s services sector recorded its biggest jump in activity for 24 years in May as it was boosted by the reopening of thousands of hospitality and leisure businesses, according to new figures.
The closely-watched IHS Markit/CIPS Purchasing Managers’ Index (PMI) recorded a reading of 62.9 for May, up from 61 in April, representing the fastest growth in output for 24 years.
A reading above 50 signals growth.
It was ahead of the predictions by analysts who had forecast a 61.8 reading for the month.
May #PMI data pointed to a faster increase in UK business activity, with the service sector seeing the strongest expansion in 24 years. Firms continued to add to their staffing levels, while cost pressures remained evident. Read more: https://t.co/2SzitOHEOypic.twitter.com/ADfc9A4sYu
The UK's service industry saw business activity grow at its fastest rate in 24 years last month as the reopening of the country's economy after the pandemic continued apace.
UK constructions firms reported a “strong” increase in activity last month as coronavirus restrictions continued to ease, according to new figures.
The closely followed IHS Markit/CIPS Purchasing Managers’ Index recorded a score of 61.6 in April, showing a marginal slow-down in growth from its March figure of 61.7.
Any figure above 50 in the index represents growth.
The March figure had highlighted the strongest growth in output for six-and-a-half years, and analysts had predicted a larger slowdown in activity, with a consensus of experts forecasting a 61 reading for April.
The latest report revealed that workloads increased on the back of the fastest rise in new orders since September 2014.
UK constructions firms reported a “strong” increase in activity last month as coronavirus restrictions continued to ease, according to new figures.
The closely followed IHS Markit/CIPS Purchasing Managers’ Index recorded a score of 61.6 in April, showing a marginal slow-down in growth from its March figure of 61.7.
Any figure above 50 in the index represents growth.
The March figure had highlighted the strongest growth in output for six-and-a-half years, and analysts had predicted a larger slowdown in activity, with a consensus of experts forecasting a 61 reading for April.
The latest report revealed that workloads increased on the back of the fastest rise in new orders since September 2014.
‘Strong’ jump in construction activity as Covid restrictions ease further
Construction activity continued to rebound in April according to new figures (Gareth Fuller/PA)
UK constructions firms reported a “strong” increase in activity last month as coronavirus restrictions continued to ease, according to new figures.
The closely followed IHS Markit/CIPS Purchasing Managers’ Index recorded a score of 61.6 in April, showing a marginal slow-down in growth from its March figure of 61.7.
Any figure above 50 in the index represents growth.
The March figure had highlighted the strongest growth in output for six-and-a-half years, and analysts had predicted a larger slowdown in activity, with a consensus of experts forecasting a 61 reading for April.