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UK Services PMI at the lowest level since March 2013

Thursday, Mar 03 2016
The UK’s dominant service sector lost momentum in February, according to the latest PMI survey data from Markit and CIPS. Growth of both total business activity and new business were the weakest since March 2013, leading firms to raise employment at the slowest pace in two-and-a-half years. More positively, the volume of outstanding work rose following January’s decline. The 12month outlook for the sector improved to a threemonth high, but remained weaker than the longrun survey average. Inflationary pressures remained weak, both in terms of input prices and prices charged by service providers. 
The seasonally adjusted Business Activity Index fell to 52.7 in February, from 55.6 in January. This signalled the slowest rise in service sector activity since March 2013. Moreover, the Index was below its long-run trend level (since July 1996) of 55.2. Nevertheless, services output has risen continuously for 38 months, the second-longest sequence of expansion in the survey history. 
 
Sterling is currently being traded few points above 1.4060 level. Pair is likely to find support around 1.40 handle and resistance above 1.41 level. Later today, in the US session,  Unemployment Claims and Non-Manufacturing figures are scheduled for a release.
More in this category: « Spanish Services PMI fell, but remains solid Unemployment Claims increased by 6,000 »

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