The Purchasing Managers’ Index (PMI) for the UK’s manufacturing and primary services sectors fell to 51.8 in May, a 15-month low (April: 58.2).
The PMI was below analysts’ forecast of 57.0, due to inflation and the war between Russia and Ukraine, which weighed on consumer demand and slowed new orders. At the same time, business confidence fell to its lowest level in two years.
The PMI remains above 50, indicating that the UK corporate sector continues to expand.
The manufacturing PMI fell to 54.6 in May, a 16-month low from 55.8 in April.
The PMI for the primary services sector fell to 51.8 in May, a 15-month low (April: 58.9).