- Chris Williamson, chief economist at Markit
U.K. service sector expanded in February at slower pace, compared to January. The Markit/Cips services purchasing managers' index (PMI) fell to 53.8 from 56.0 in January, said the Markit research agency on Monday. Reading above 50.0 indicates industry expansion.
"Despite seeing some loss of momentum in February, the service sector continued to grow at a robust pace, adding to signs that a double-dip recession will be avoided," said Chris Williamson, chief economist at Markit.
Alan Clarke, an economist at Scotiabank, said the UK PMI data was "disappointing, but not the end of the world".
"Overall, the PMIs are consistent with a moderate pace of expansion in overall GDP – broadly in line with what the Bank of England has assumed," he added.
© Dukascopy Bank