Details from the March 2017 UK Markit/CIPS services PMI report 5 April 2017
Prior 53.3
New orders 56.6 vs 54.7
Composite 54.9 vs 53.8 exp. Prior 53.8
New orders 56.4 vs 54.9 prior
Employment expansion slowed
Prices charged the strongest since Sep 2008
Input prices still rise but were at a four month low
Markit say the PMI's suggest Q1 GDP of 0.4% q/q.
"Taking March in isolation, the service sector defied the slowdown experienced by construction and manufacturing firms. A stronger end to the first quarter from the biggest contributor to UK GDP will provide some relief to the UK economy as a whole, shaken and stirred by continuing highs and lows since the Brexit vote.
The weak pound gave reasons to be cheerful for exporters who reported renewed interest from overseas markets, especially clients based in the US."A dark blot on the sector's performance was the lifeless job creation. At its lowest level since August 2016, the demand for higher wages bore down on profits and new staff hiring. So, the sector's stalwart performance this month will need to improve significantly, before businesses raise their headcounts further." Said Duncan Brook at CIPS
The quid has flown, as you would expect. 1.2490 the high from 1.2430.
Once again the Brexit doom mongers have been put back in their box.
UK services PMI
