U.K Business Activity Index in February was 49.5, up from an eight-month low of 39.5 in January, according to the IHS Markit press release. The index signaled the slowest decline in service sector output since November 2020.
- Private sector output was 49.6 in February, up from 41.2 in January.
- The employment index was close to stabilisation at 49.7 in February, up from 45.5 in January.
- Staffing levels fell at the slowest pace since the onset of COVID-19 in March 2020
- Business expectations in the service sector rose for the fourth consecutive month on vaccine rollouts and confidence in looser restrictions on trade.
- New business volumes fell slightly in February as the rate of contraction eased from January levels.
- The gap between the manufacturing and service sector performance narrowed considerably in February.
- Manufacturing growth eased for the second month to the weakest since the recovery began in June last year.
- Inflationary pressures intensified with the overall input prices increasing to the greatest extent since October 2018.
U.S stocks and the pound are currently gaining. FTSE 100 is up 0.77%, GBPUSD is up 0.03%
