UK Services Growth Falls to Lowest for 2022

Source: Markit Economics

Services in the United Kingdom continued to grow in April, albeit at the slowest pace seen so far this year. EWU is down 2.22%, while EZU is down 2.41%.

• The S&P Global/CIPS UK Services PMI Business Activity Index stood at 58.9 in April, down from 62.6 in March.
• The latest reading is the weakest expansion recorded in the United Kingdom since January.
• Firms reported higher business costs, along with the impact of the ongoing conflict between Russia and Ukraine on expansion.
• New order growth also slipped to its slowest growth so far this year due to inflationary pressures and the tensions in Ukraine.
• Employment grew for the 14th straight month, but work backlogs remained broadly stable during the month.
• Confidence slipped to the lowest in a year and a half, but expectations continued to remain positive as firms expected a recovery in the coming year.