UK's private sector growth slowed in May, PMI 52.8, potential Bank of England rate cuts.
UK's private sector growth slowed in May, with a PMI reading of 52.8, down from 54 in April, indicating potential Bank of England rate cuts. The UK's economic recovery lost momentum, while Germany's private sector experienced its strongest growth in a year, with a PMI of 52.2, driven by the services sector. The Bank of England may consider cutting interest rates in August if data trends positively over the summer.
May 23, 2024
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