UK PMI Services was finalized at 53.5 in February, up from January’s 48.6. PMI Composite was finalized at 53.1, up from prior month’s 48.5. Both were their strongest readings since June 2022.
Tim Moore, Economics Director at S&P Global Market Intelligence, said: “UK service providers moved back into expansion mode in February as fading recession fears and improving business confidence resulted in the strongest rise in new orders since May 2022. However, elevated borrowing costs and stretched household finances remained constraints on growth.
“There was clear evidence that input price inflation has peaked, with the latest increase in average cost burdens the weakest since June 2021… Tight labour market conditions and the need to alleviate squeezed margins continued to limit the degree to which falling cost pressures were passed on to end consumers.”
