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UK Services PMI increased to 53.7

Tuesday, Apr 05 2016
UK service sector growth remained sluggish in March, according to the latest PMI survey data from Markit and CIPS. Total activity increased at a slightly faster rate than in February, but on a quarterly basis growth over the first three months of 2016 was the weakest since Q1 2013. Moreover, incoming new business increased at the slowest rate since January 2013.  
Global economic uncertainty and the upcoming EU membership referendum were commonly reported to be factors undermining service sector business expectations during the month. Employment in the sector continued to rise, but at a rate little-changed from February’s recent low. The latest survey data did signal a rise in inflationary pressures, particularly for charges which increased at the fastest rate in over two years. 
 
The Business Activity Index rose to 53.7 in March, from February’s 35-month low of 52.7. This signalled a faster rate of growth in output, but the second-weakest in six months. Moreover, the Index remained below its long-run average of 55.2, and the average for the first quarter of 2016 (54.0) was the lowest of any quarter since Q1 2013. 
 
Sterling is currently being traded few points above 1.4210 level. Pair is likely to find support around 1.4150 handle and resistance above 1.4280 level. Later today, in the US session, Trade Balance, Non-Manufacturing PMI and JOLTS Job Openings figures are scheduled for a release.
More in this category: « Spanish Services PMI rose to the highest level since November US Trade Balance deficit widen to $47.1 billion »

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