UK PMI Services was finalized at 53.6 in December, down from November’s 58.5, lowest level since February. Markit said export sales were hard-hit by renewed pandemic. Service provides remained upbeat about year ahead prospects. PMI Composite was finalized at 53.6, down from prior month’s 57.6.
Tim Moore, Economics Director at IHS Markit: “December data revealed a severe loss of momentum for the UK economy as many customer-facing businesses experienced a drop in demand due to escalating COVID-19 cases. Total new orders in the service sector increased at the weakest pace for 10 months. Mass cancellations of bookings in response to the Omicron variant led to a slump in consumer spending on travel, leisure and entertainment. Survey respondents also noted that renewed pandemic restrictions had slowed the recovery in business services.
