- U.K. Services PMI Slows in March
The U.K. services sector grew at a slower pace in the month of March, the IHS Markit reported on Thursday.
According to the report, the services Purchasing Managers’ Index stood at 51.7 in March, down from 54.5 in February.
Again, while experts have attributed the low business activity in the sector to the disruption caused by the ‘Beast from the East’ storm, the report showed activity was weighed upon by subdued consumer demand and heightened economic uncertainty. Suggesting that economic growth is likely to slow down in the first quarter now that Construction PMI, Manufacturing PMI, and Services PMI are all growing at a slower pace than anticipated.
The pound dipped against the U.S. dollar to $1.4025.