UK services PMI unexpectedly contracts to 48.9 in March

The UK services sector activity witnessed an unexpected downturn and entered into the contraction territory in the month of March, the latest survey report from Markit Economics showed this Wednesday.

The headline seasonally adjusted IHS Markit/CIPS UK Services PMI Index slipped to 48.9 in March vs. 51.3 booked in the previous month while surprising the markets to the downside (50.9 expected).