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The key points from today’s economic news, brought to you by Guardian Stockbrokers.
UK services PMI advanced in May
In the UK, the services PMI climbed to a reading of 51.00 in May, compared to market expectations of an advance to a level of 50.50. In the previous month, the services PMI had registered a level of 50.40.
Euro-zone services PMI surprisingly rose in May
In the Euro-zone, the final services PMI rose unexpectedly to a level of 52.90 in May, compared to a reading of 52.80 in the prior month. Markets were anticipating services PMI to fall to a level of 52.50.
Euro-zone retail sales dropped less than expected in April
The seasonally adjusted retail sales in the Euro-zone recorded a drop of 0.40% on a MoM basis in April, compared to an unchanged reading in the prior month. Market expectation was for retail sales to fall 0.50%.
US services PMI eased in May
In the US, the final services PMI fell to a level of 50.90 in May, in line with market expectations. In the previous month, Markit services PMI had recorded a level of 53.00.
Fed’s Beige Book: US economy growing at moderate pace
According to the US Federal Reserve’s (Fed) latest Beige Book report, economic activity across all 12 Fed districts expanded at moderate pace from April to mid-May. Meanwhile, it indicated that despite uncertainties surrounding trade tensions with China and Mexico, the economic outlook for the coming months remained solidly positive but modest, with little variation among reporting districts.
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