UK PMI Services was finalized at 53.1 in March, down from February’s 53.8. PMI Composite was finalized at 52.8, down from prior month’s 53.0.
Tim Moore, Economics Director at S&P Global Market Intelligence, said, “The solid growth rate achieved in March reinforces the view that a rebound in service sector performance is helping the UK economy to pull out of last year’s shallow recession.”
Meanwhile, Input prices have continued to rise sharply, with inflation rates only slightly below their six-month average. The primary factors contributing to the uptick in input costs include higher salary payments and increased transportation bills.
The rate at which prices charged by service providers have increased slowed to its lowest point since September 2023. Despite this deceleration, the index remains well above its long-term trend, signaling enduring inflationary pressures within the UK’s domestic economy.
