UK PMI Services was finalized at 34.5 in March, down from February’s 53.2. It’s the worst reading since survey began in 1996. PMI Composite was finalized at 36.0, lowest since series began in 1998.
Tim Moore, Economics Director at IHS Markit: “”With the UK economy now almost certain to experience a deep contraction in the second quarter of the year, perhaps the most important aspect of the Services PMI to watch for hopeful signs will be any recovery in the business expectations sub-index from the record low seen in March.”
