UK's services PMI falls for the first time in two years

Note: This section contains information in English only.
Source: Reuters
Services sector of the British economy tumbled for the first time in a two-year period in December, when the Markit/CIPS services Purchasing Managers' Index fell from 50.2 in November to 48.9 in December, its lowest level since April 2009. The PMI data also showed the UK's economic output recorded a 0.2% slowdown in the Q4 suggesting the broader economy could contract in the Q1 of 2013 as well.

"The PMIs point to an economy that is contracting modestly," said Rob Wood, an economist at Berenberg Bank. "A big thing that is not often picked up ... is that future business expectations remain very weak. It would not be a surprise to see recorded output fall in either, or both, of the fourth quarter of 2012 or the first quarter of 2013."

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