India, May 23 -- The UK private sector economy signaled a further expansion in May amid a renewed upturn in manufacturing, though at a slower-than-expected pace, flash survey results from S&P Global showed on Thursday.
The composite output index dropped to 52.8 in May from April's 1-year high of 54.1. The expected score was 54.0. However, a reading above 50.0 indicates expansion in the private sector.
The overall growth in the British private sector was attributed to a strong rebound in manufacturing production, as the PMI climbed to a 22-month high of 51.3 from 49.1 in the previous month.
Services activity logged further expansion in May on the back of rising business and consumer spending, but the rate of growth moderated to the lowest...