Overview

• US services sector maintained steady growth in April despite increasing risks to the economy.
• UK services sector expanded at fastest pace in a year as businesses raised prices to pass on higher wage and energy bills.
• New orders and exports increased for US services firms but employment growth slowed.
• Nearly half of UK services firms reported higher costs, largely due to increasing wages and energy prices.
• The Bank of England is expected to raise interest rates next week to curb rising inflation.