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- UK’s services PMI drops to 52.7 in February, the lowest level since March 2013
UK’s services PMI drops to 52.7 in February, the lowest level since March 2013
Markit's and the Chartered Institute of Purchasing & Supply's services purchasing managers' index (PMI) for the U.K. dropped to 52.7 in February from 55.6 in January, missing expectations for a fall to 55.1. It was the lowest level since March 2013.
A reading above 50 indicates expansion in the sector.
The decrease was driven by a slower growth in new business and employment.
"The slowdown in February leaves the PMI surveys suggesting that economic growth could weaken to 0.3% in the first quarter, but there are downside risks to even this modest expansion," the Chief Economist at Markit Chris Williamson said.
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