UK service sector growth accelerated in May to its best performance since February, bolstering the Bank of England's view that the economy will resume its rise after a negative first-quarter performance.
PMI in the sector rose over the period from 52.8 to 54.0 points, beating expectations of only 53.0 points, according to data from the Markit Statistics Office.
The statistics showed that companies have succeeded in pushing the production again after the previous production hampered by the bad weather conditions, as the rate of new applications continued to grow. While input prices rose strongly as energy prices rose, the labor market improved, and wages rose.
