The headline figure in the Purchasing Managers' Index (PMI) survey by credit rating agency S&P Global declined marginally to 61.2 in May from its 13-year high of 62 in April. The May services PMI is the second-highest print in under 13 years. A print above 50 in the survey denotes expansion of services activity, and below that suggests contraction. The headline figure has been in the expansion zone for 22 months since August 2021. The PMI is based on the responses of around 400 service companies covering non-retail consumer services, transport, information, communication, finance, insurance, real estate, and business services.
"Output rose at the second-quickest pace since July 2010, supported by sustained growth of new business in the face of positive demand trends. Favourable demand conditions, new client wins and positive market dynamics reportedly supported output," the survey noted.
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