UK economy shrinks again in May, fuelling fears of faltering recovery
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UK economy shrinks again in May, fuelling fears of faltering recovery
""Flatlining growth in May underscores the ongoing pressures on the economy, with manufacturing and retail continuing to struggle. Persistent trade uncertainty, a cooling labour market and slowing income growth all point to a sluggish recovery.""
""Data from the ONS showed GDP contracted by 0.1% in May, following a sharper 0.3% drop in April, signaling a fragile recovery may be stalling despite some growth in the services sector.""
The UK economy shrank by 0.1% in May, following a 0.3% decline in April, signaling a worrisome trend for the economy that may be struggling to recover. The contraction was driven mainly by a 0.9% fall in industrial production and a 0.6% drop in construction output, although the services sector experienced a slight growth of 0.1%. Chancellor Rachel Reeves faces increasing pressure to present a clear strategy for boosting investment, as economic activity faces persistent pressures from trade uncertainty and a cooling labor market.
Read at Business Matters
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