UK: Services PMI drops more than expectations - TDS

FXStreet (Delhi) – Research Team at TDS, notes that UK December’s services PMI fell slightly more than markets expected to 55.5, leaving it just above its long-run trend of 55.2.

Key Quotes

“New business growth decelerated somewhat in December, as did employment growth, but both remain in expansion territory. Services activity has been choppy in recent months, and as reflected by the PMI, output in the services industry is starting to show some deceleration toward 2% on a year-on-year basis. The fourth quarter’s PMI is consistent with GDP growth of about 0.5% q/q.”