Weather Hits UK Services in March

Key findings:

  • Modest upturns in business activity and new work
  • Employment growth slips to three-month low
  • Strong rate of input cost inflation continues in March

IHS Markit / CIPS UK Services PMI March data signalled a slowdown in business activity growth across the UK service sector, with the latest expansion the weakest for over one-anda-half years. However, survey respondents noted that snow disruption and unusually bad weather conditions in March had been a key factor holding back business activity growth.

Meanwhile, input cost inflation remained strong, with the latest rise in operating expenses the fastest since December 2017, which contributed to another marked rise in average prices charged by service sector firms.

Source – Markit Economics

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Craig Erlam

Craig Erlam

Senior Currency Analyst at OANDA
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the Wall Street Journal and The Telegraph, and he also appears regularly as a guest commentator on networks including Sky News, Bloomberg, CNBC and BBC. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.