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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.

  • 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.

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:

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"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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