The service sector in the United Kingdom continued expanding in March, although at a slower pace than in February, according to an S&P Global report on Wednesday. The services Purchasing Managers' Index (PMI) stood at 52.9 in March, down from 53.5 in February.
Prices charged inflation eased to a 19-month low, "but still stronger than at any other time since data collection began in the summer of 1996." The increase in total new orders was the strongest since March 2022, due mostly to increased demand from the United States and Europe. Employment increased only marginally, with many reports citing "tight labor market conditions and strong wage pressures as factors that had limited recruitment numbers."
