- IHS Markit's PMI for the UK services sector — which accounts for more than 75% of the country's GDP — shows a sharp slowdown to start 2018.
- The PMI survey produced a reading of 53 in January, against a reading of 54.2 in December.
- Monday's data completes a hat-trick of worse than forecast PMI surveys for the three major sectors of the British economy.
- Construction and manufacturing PMIs both came in below expectations last week.
Every part of the UK economy has started 2018 in a worryingly bad state
IHS Markit's latest PMI data for the services sector of the British economy was released on Monday morning.
The purchasing managers index (PMI) figures from IHS Markit are given as a number between 0 and 100.
Anything above 50 signals growth, while anything below means a contraction in activity — so the higher the number is, the better things look for the UK.
Here's the chart:
"The pace of UK economic growth slowed sharply at the start of the year as January saw a triplewhammy of weaker PMI surveys," Williamson added.
As Williamson notes, the sector's slowdown
First, last Thursday, IHS Markit's manufacturing PMI was below expectations, with Rob Dobson, a director at the data firm saying that "t
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