UK services growth in May beats forecasts

Suzie Neuwirth

THE UK'S services sector grew faster than expected in May, according to new figures released today.

The Purchasing Managers’ Index for services, produced by Markit and the Chartered Institute of Purchasing & Supply, rose to 54.9 in May from 52.9 in April. The May figure is the highest since March 2012.

Analysts had estimated a figure of around 53 for last month.

A figure above 50 indicates growth rather than contraction.

The news follows recent PMI data which shows that the UK’s manufacturing and construction sectors also grew last month, a promising sign for the country’s economic recovery.