• News
  • Money

Services PMI falls to 6-month low in February

Services PMI falls to 6-month low in February

Russia's Services Purchasing Managers' Index (PMI) continues to outperform rising to 56.5 in February from 55.1 in January, IHS Markit said in a report on March 5.

An index reading of above 50 indicates an overall increase in economic activity and below 50 an overall decrease.

The powerhouse services sector, which accounts for around 80% of United Kingdom economic growth, was bolstered by easing cost pressures and the fastest jump in new work since May previous year.

It follows disappointing February PMI readings for construction and manufacturing last week, but services account for nearly 80 per cent of output, meaning it is the most significant indicator of the three.

Sterling was up 0.1% against the United States dollar to $1.381 shortly after the announcement.

The data, compiled by IHS Markit, showed that the headline PMI rose from 50.2 in January to 50.7 in February, signalling a further improvement in the health of the sector.

Howard Archer, chief economic advisor to the EY ITEM Club, a forecaster that uses the model of Britain's Treasury to assess the economy, says the survey was "reasonably reassuring".

In February, manufacturers also faced accelerating inflation, pushing overall input prices to rise at their quickest pace in three and a half years.

"The PMI surveys so far collectively point to the economy growing by almost 0.4% in the first quarter to indicate that a resiliently steady pace of expansion has been maintained".

Business confidence remained robust, with the degree of optimism the second highest since July 2011 in the period.

Leave Your Comment

Leave Your Comment

Latest News

Breaking News


Kremlin rejects United States charge Russian Federation in breach of arms control treaties

Moscow , too, has been denying allegations that it tried to influence the USA presidential election. Trump says there was no collusion between his campaign and Russian Federation .

Oscars 2018: 'Shape of Water' takes home best picture

Alexandre Desplat took home best original score at the 2018 Oscars for his warm and melodic music for " The Shape of Water ". A Fantastic Woman from Chile bagged won the Best Foreign Language Film .

Hunter helps No. 1 Virginia edge Louisville 67-66

Louisville has had a rough couple of weeks, and Thursday night didn't make things any better. If you're a Louisville fan, it's the toughest few seconds you've seen in quite some time.

South African Listeria Linked to Polony from Enterprise

Poor hygienic standards have been blamed for the listeriosis outbreak that has claimed nearly 200 lives in South Africa. The outbreak strain, ST6, was confirmed in at least 16 environmental samples collected from this Enterprise facility.

No exemptions: Trump rules out steel and aluminium tariff concessions

Graham says "China is winning and we're losing with this tariff regime". "Go after China - not the rest of the world". Peter Navarro, director of the White House National Trade Council, said exempting countries was a slippery slope.

West Virginia Teacher Strike Still On After Senate Cuts Promised Raise

The waiting frustrates parents, students and union leaders, who've marched and crowded the state capitol for legislative hearings. However, that raise must be passed as a law, since West Virginia is not a collective bargaining state.

North Korea must 'denuke' before meetings with US

The two men will try to lay the groundwork for another such summit, which was requested by Kim Jong Un in his letter. Turning serious, Trump also said the United States "saved the Olympics", by taking a hard line on North Korea .

Amazon.com, Inc. (AMZN) Holdings Cut by Convergence Investment Partners LLC

Finally, Bayesian Capital Management LP acquired a new stake in Amazon.com in the second quarter worth $1,984,000. (NASDAQ:AMZN). Will Own Your Home Sooner Than You Think" on March 02, 2018, also Investorplace.com with their article: "Amazon.com, Inc.

Oscars 2018: Host Jimmy Kimmel brilliantly addresses sexual harassment scandals

Neither of the PwC representatives involved in the mishap previous year , Brian Cullinan or Martha Ruiz, will return to the show. The BAFTA Awards saw a similar dress code, as the who's who of the worldwide movie industry donned all-black attires.

Amazon to stop selling Google Nest's smart home devices

Because of that, Nest has chose to stop selling all of its products on the online retail giant as soon as inventory is sold out. Amazon recently acquired Ring, a manufacturer of internet-connected cameras and door locks for over $1 billion.