UK economy is stalling despite service sector growth

PMI increased to a three-month high of 51 in May from 50.4 in April

Britain's services sector failed to keep the economy afloat last month, registering a modest increase in activity that was not enough to offset falling output in the manufacturing and construction sectors.

The IHS Markit purchasing managers index (PMI) for the services sector, which mainly covers business-to-business activity, increased to a three-month high of 51 in May from 50.4 in April, following a rise in domestic orders. A figure above 50 indicates growth.