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3/4, 10:30 AM (Source: TeleTrader)
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UK services PMI drops to 53.2 in February

The United Kingdom Services Business Activity Index declined 0.7 points in February compared to the previous month to reach 53.2, but still stood above the crucial 50.0 no-change value for the second month in a row, according to the IHS Markit and Chartered Institute of Purchasing and Supply (CIPS) report released on Wednesday.

The report noted a weaker growth in business activity and new work, with job creation also slowing down in February. Meanwhile, the prices charged inflation hit a 27-month high in the same month.

"The post-election rebound in service sector growth lost some of its bounce in February, in part due to coronavirus related disruptions to sectors such as travel and tourism, but continued to expand at an encouragingly robust pace," commented IHS Markit Chief Business Economist, Chris Williamson.

Breaking the News / ND