Rolling coverage of the latest economic and financial news, as latest US non-farm payroll shows weakening job creation Newsflash: The UK’s services sector has posted the fastest business activity growth in almost a year, reinforcing hopes that the recession is over. Data firm S&P Global has reported that its UK Services PMI, which tracks activity in the sector, has jumped to 55.0 in April, up from 53.1 in March. “Service providers benefited from improving business and consumer spending in April as more favourable demand conditions underpinned the greatest improvement in activity since May 2023. The latest survey results are consistent with the UK economy growing at a quarterly rate of 0.4% and therefore pulling further out of last year’s shallow recession. Election uncertainty and fading prospects for interest rate cuts were cited as headwinds on the horizon, but survey respondents still mostly reported positive sentiment towards their business investment plans and longer-term growth opportunities.” Continue reading...

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