Details from the February 2016 UK Markit/CIPS services PMI data report 3 March 2016
- Prior 55.6
- New business 54.1 vs 56.8 prior
- Composite PMI 52.8 vs 55.7 exp. Prior 56.1. Revised to 56.2
- New business 53.5 vs 56.0 prior
That's going to do the pound rally no favours. That's the lowest since March 2013. The folks at Markit say that Q1 GDP could drop to 0.3%. Brexit was said to be one of the main reasons behind the fall in activity.
"A maelstrom of sluggish global economic performance and relatively subdued business confidence resulted in a downbeat message in February. The combined pressures from uncertainties around the EU referendum, China and Middle East crowded out any strong optimism for the future." Said CIPS CEO David Noble.
The pound hasn't been rattled as much as I would have thought on such a number. There's not even been a reactive big spike lower. 1.4033 was the low from 1.4055.
UK services PMI