Final PMI data for UK service sector above expectations

Final PMI data for the UK services sector for April. Currently: 55.0; expected: 54.9; previous: 53.1.

Composite reading of 54.1 versus 54.0 expected and previous reading of 54.0.

Key comments on the data:

• Activity and new work are rising at the fastest pace in 11 months. 
• Hiring remains subdued.
• Manufacturing cost inflation highest since August 2023.

UK service providers reported a solid recovery in business activity in April, supported by a renewed strengthening of order books. However, the recovery took place in a margin-maximizing environment for companies, as evidenced by weak employment and cost inflation data.

Source: S&P Global