UK's Services Sector Recorded Largest Growth in Two Years

According to an international business survey, the U.K.’s services sector IHS Markit/Purchasing Managers’ Index (PMI) rose to 62.9 in May, the highest level it’s been since 1997.

The reason? The ease of lockdowns and a successful vaccine rollout. While there has been a strong demand for skilled workers, job backlogs have accumulated to the greatest extent since the summer of 2014. Duncan Brock, group director at Chartered Institute of Procurement & Supply (CIPS), says “We will see more pressure for salary rises, as basic living becomes more expensive for everyone as the hike in prices charged by service companies was the highest since 1996.”

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