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As on Apr 03, 2020 12:00 AM Your results on : Currency News    
Economic Buzz: UK Services PMI Contracts Most Since 1996 In March
03-Apr-2020 (18:08)

UK services Purchasing Managers' Index fell to 34.5 in March from 53.2 in February, survey data from IHS Markit and Chartered Institute of Procurement & Supply showed Friday. This was also below the flash reading of 35.7. The score exceeded the previous record low seen at the height of the global financial crisis and suggested the fastest downturn since the survey began in July 1996. Reflecting the output volumes trend, there was a record drop in new work due to a slump in business and consumer spending amid emergency public health measures to halt the spread of virus. New business from abroad fell at an even faster pace in March. A sharp fall in new orders translated into excess business capacity to meet existing workloads.

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