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🇬🇧 UK services slip into contraction for the first time in 13 months as Greene signals a growing case for hikes
The day in view

🇬🇧 UK services slip into contraction for the first time in 13 months as Greene signals a growing case for hikes

Macro Soup Newsroom Macro Soup Newsroom 3 min read

Services PMI fell to 49.3 in May, the first contraction since April 2025. MPC member Megan Greene used a June 2 speech to argue the Iran war energy shock has strengthened the case for hikes, making June 18 a live meeting.

Line and bar chart of UK Composite PMI Output Index (blue bars) and GDP (green line) from Jul-22 to Apr-26, with red box on recent data.
UK composite PMI output index fell to 49.7 in May, the first sub-50 reading since April 2025, underscoring the divergence between contracting services and resilient manufacturing. Source

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