United Kingdom: PMI in services remains strong

(CercleFinance.com) – Growth in the British services sector slowed somewhat in February, but remained at ‘solid’ levels, according to the results of the latest PMI survey from S&P Global.

The Purchasing Managers’ Index (PMI) measuring activity in the services sector in the United Kingdom stood at 53.8 last month, compared to 54.3 in January as well as in ‘flash’ version ‘.

This is its fourth consecutive month above the 50 point threshold, which indicates growth, confirming the resumption of activity after the bout of weakness experienced last fall.

For Tim Moore, economist at S&P Global Market Intelligence, these figures show that the British economy is recovering after suffering a technical recession in the second half of 2023.

Despite inflationary pressures still present, due to salary increases, the survey highlights optimism at a two-year high among business leaders in the tertiary sector.

Some 59% of participants say they anticipate increased activity over the next 12 months, a level that has not been reached since February 2022.

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