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UK Services PMI Falls to 50.4 in April |
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European Economy |
Written by CEP News |
May 06 08 11:26 GMT |
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(CEP News) Frankfurt - According to data released from NTC Economics, the UK services purchasing managers' index fell to 50.4 in April from March's reading of 52.1. Economists had expected a more modest decline to 51.7.
With the exception of input prices rising to 67.3 from 66.2, all the main components of the services PMI contracted. Prices charged fell from March's reading of 56.2 to 55.2, new business fell to 51.5 from the previous month's 53.4, employment contracted to 51.0 from March's 53.4, business expectations decreased to 65.3 from 65.8 and outstanding business fell to 45.1 from March's 48.6. "These figures confirm that the UK economy is slowing down markedly and rapidly," Natixis economist Alexis Garatti said in a research note. "We still expect the BOE to cut 25 bp the base rate as soon as June (status quo in May) despite mounting pressures on prices," he concluded. By Todd Wailoo,
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