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Podcast: Beyond Currency
Episode: 25 May 2022 - Services output plummets
Description: Output in the services sector of the UK economy collapsed this month, according to preliminary data from PMI surveys that was published yesterday. It fell from 58.9 last month to 51.8 in the current period.
A reading of below 50 signals contraction, and it appears that output is heading in that direction, according to forward-looking indicators. Manufacturing output also fell, but by a less significant amount than services, which makes up around 80% of GDP.
Companies' costs hit another all-time high as energy bills skyrocketed. There is no cap on commercial fuel bills, so they face the full impact of the current crisis.
The...