UK PMI Services was finalized at 39.5 in January, sharply down from December’s 49.4. PMI Composite was finalized at 41.2, down from prior month’s 50.4, and back below the crucial 50 no-change threshold.
Tim Moore, Economics Director at IHS Markit: “While the UK economy is on course to contract sharply during the first quarter of 2021, businesses remain confident that pent up demand and an easing of pandemic restrictions will provide a springboard to recovery later this year.
“Positive news on the UK vaccine rollout pushed up business optimism to its strongest since May 2014 and this improvement contrasted with a decline in confidence reported by service providers in the euro area during January.”
