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Revival in UK manufacturing production supports output growth in May
UK private sector activity registered a solid expansion in May as a resurgence in manufacturing production supplemented a further, albeit slower, upturn in services output. Business activity growth was again accompanied by a rise in new order volumes and an uptick in export sales, but ongoing hiring challenges meant that the rate of job creation remained only marginal. At the same time, UK businesses reported the softest increase in average selling prices for over three years in May, partly linked to a slowdown in input cost inflation after April’s steep rise. Survey respondents highlighted a softening of labour ... (full story)