The release of the S&P Global PMI for May showed that the UK services sector barely grew with a PMI reading of 51.8, down from 58.9 previously and well below the 57 forecast by analysts.
The data and the pound's reaction underscore why JPMorgan described the UK as the "poster child" of stagflation when it lowered its forecast for sterling earlier this month. The data also contrasts unfavorably with figures from Europe where the Eurozone PMI data showed continued strong growth in May.
. A number of commodity producers cited Brexit-related trade frictions as the main contributing factor.
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