The U.K.’s economic recovery accelerated in May, led by the tourism and recreation segment, according to a survey by Lloyds Bank PLC that tracks business activity.
Tourism and recreation recorded the sharpest rise in output growth (to 62.4 in May from 51.9 in April, in the bank’s U.K. Recovery Tracker) as British hotels, pubs and restaurants experienced a release of pent-up consumer demand, with the transportation sector following.
As the U.K. moved further out of lockdown, 11 out of 14 U.K. sectors tracked by the survey reported faster output growth month-on-month in May, up from nine in April, according to Lloyds.
All 14 reported employment growth in May, up from 12 in April, with tourism and recreation showing a net gain for the first time since January 2020. Prices also rose in May across all sectors, and at the fastest clip since 1999, with chemical and metals/mining producers increasing charges the most…