UK Markit services PMI rebounds sharply in May, beats estimates

The services sector activity in the UK economy improved better than expected in May, rebounding sharply from yearly lows seen previously, a fresh report from Markit Economics showed on Friday.

The final Purchasing Managers' Index (PMI) in the UK rose to 53.5 points in May, after having unexpectedly dropped to 52.3 points in April. Markets had predicted an increase of 52.5 points.