Analysts at TD Securities note that the UK Services PMI disappointed sharply in March as they fell to 48.9, its lowest level since the aftermath of the referendum.
Key Quotes
“Details of the report were very soft, with firms noting a lack of new work and delayed spending decision by corporate clients owing to the political uncertainty. There were also signs that households were starting to hold back on spending, something we’ve not seen much of in the past two years.”
“Firms noted continued labour shortages and wage pressures pushing up costs. Today’s Services PMI now means the headline Composite PMI sits on 50.0, indicating no change in the level of economic activity this month.”
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