It is reported that the UK’s services sector has weakened during February, recording the slowest growth rate in almost three years.
The latest Markit/CIPS services Purchasing Managers’ Index (PMI) fell to 52.7 last month, down from January’s reading of 55.6.
In excess of 50 means expansion, but these recent figures are the poorest since March 2013.
The service sector makes up in excess of three-quarters of the UK economy.
Surveys from Markit/CIPS earlier in the week put the manufacturing sector’s PMIat 50.8 and construction at 54.2.
It is envisaged that this will put an end to speculation of a possible interest rate rise in the near future.
Last week, the UK economy grew 0.5{06aeb1921e0b802d2bd9c766bc98fb11cc6a46c2b0593ed9c88a0e29cf417a34} in the final three months of 2015, with the services sector highlighted as the key factor driving growth.
He added: “Members will have to judge the degree to which the surveys are flagging a genuine slowdown in activity growth, or merely reacting to the negative headlines since the start of the year. In reality, growth may be softening, but perhaps not as sharply as the survey data suggest.”
Meanwhile, a similar survey indicated that eurozone businesses had their worst month for more than a year during February.
Source: BBC Business
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