UK March services PMI: Strongest rise so far in 2017, a big beat

The services sector activity in the UK economy stalled its slowdown and rebounded beyond expectations in March, a fresh report from Markit Economics showed on Wednesday.

The services PMI jumped to 55.0 in March versus a 53.3 reading booked in Feb. Markets predicted an increase to 53.5 last month.

Key Points:

Business activity growth hits three-month high in March

New work increases at a strong pace, but job creation slows

Strongest prices charged inflation since September 2008

Chris Williamson, Chief Economist at Markit, noted: “The survey data indicate that UK business activity growth regained some momentum after having slipped to a five-month low in February, but the upturn fails to change the picture of an economy that slowed in the first quarter.”