Economics
U.K. Services Pickup Fails to Keep Economy Far From Stagnation
- Surveys on manufacturing, construction signal contraction
- Retail sales fell sharply in May, industry report showed
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Britain’s dominant services industry expanded more than forecast in May, a survey showed, though that wasn’t enough to lift the overall economy out of stagnation.
A Purchasing Managers Index for services increased to 51 in May, above the 50-mark that indicates expansion and a better reading than the 50.5 that economists expected. But other surveys this week showed contractions in construction and manufacturing, and retail sales in a slump.