Seeking Alpha

U.K. services-sector growth slows but remains strong

  • U.K. services PMI declined to 57.6 in March from 58.1 in February and missed consensus of 58.1.
  • Activity, new business and employment continued to rise, but at weaker rates, while output charges stagnated as input cost inflation softened.
  • Still, the services, manufacturing and construction sectors "continue to expand at very strong rates," says Markit, and indicate that GDP grew 0.7% in Q1.
  • Inflation is set to decline, easing pressure on the BOE to tighten monetary policy and "extending this 'Goldilocks' period of above-trend growth and falling inflation," Markit adds.
  • The pound takes a dive and is -0.1%, while the FTSE 100 is +0.2%. (PR)
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