3/24, 10:31 AM (Source: TeleTrader)
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UK services activity decelerates in March

UK services activity for March decelerated, with the Flash UK Services PMI Business Activity Index at 52.8, down from 53.5 in February, a report by S&P Global showed on Wednesday. Meanwhile, the preliminary Composite Output Index stood at 52.2 in the same month and below the previous reading by 0.9.

In addition, the report noted that the Manufacturing Output Index fell to 49.0, while the Manufacturing PMI slipped to 48.0. Despite the numbers, private sector businesses are optimistic regarding their activity prospects during the next 12 months. The confidence level rose from February and was the highest since March 2022.

"The surveys are broadly consistent with GDP growing at only a modest quarterly rate of 0.2%, but this represents a welcome expansion compared to the lack of growth seen in the second half of last year," Chris Williamson, Chief Business Economist at S&P Global Market Intelligence said.

Baha Breaking News (BBN) / JG