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TD Securities analysts note that the UK’s April Services PMI moved back above the 50 threshold to 50.4, as the sector expanded marginally in the month.

Key Quotes

“Underlying details of the index suggest that some of March’s bad news continues: new work fell yet again, and higher wage costs and weaker sales were leading to cautious staff hiring, with employment essentially flat on the month.”

“There was also a lack of pressure on business capacity across the service industry. That said, firm optimism rebounded for the year-ahead outlook to the highest level since September 2018.”