UK Service Sector Rises to 58.9 in March

Activity in the UK’s services sector accelerated in March at its fastest pace since August last year, according to a closely-watched survey.

The Markit/CIPS Purchasing Managers’ Index (PMI) rose to 58.9 from February’s reading of 56.7.
Any reading above 50 indicates growth, while below 50 suggests contraction.

Markit said its three surveys – of the construction, manufacturing and service sectors – taken together implied first quarter economic growth of 0.7%.

It comes as the Confederation of British Industry (CBI) also forecast UK economic of 0.7% in the three months to March, up from 0.6% in the previous quarter.

Last month, the Office for National Statistics (ONS) revised economic growth for the last three months of 2014 up to 0.6% from an earlier estimate of 0.5%.

via BBC

Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza