UK PMI Services was finalized at 56.3 in March, up sharply from February’s 49.5. That’s also the first expansionary reading above 50 since October 2020. PMI Composite was finalized at 56.4, up from prior month’s 49.6, best reading for six months.
Tim Moore, Economics Director at IHS Markit: “Around two-thirds of the survey panel forecast an increase in output during the year ahead, which reflected signs of pent up demand and a boost to growth projections from the successful UK vaccine rollout…. There were further signs that strong cost pressures have spilled over from manufacturers to the service economy, especially for imported items.”
