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5 May 2016
UK Services PMI slipped to three-year low of 52.3 - TDS
Research Team at TDS, suggests that reflecting weakness in its manufacturing and construction counterparts earlier this week, the UK Services PMI for April fell to 52.3, well below market expectations but reflecting our view of downside risks.
Key Quotes
“This leaves the index at a three-year low. Uncertainty around the EU Referendum was cited as one of the causes of the lower number, providing more evidence that caution is spreading beyond the export-oriented manufacturing sectors. New business volumes did help support the index somewhat, but there was evidence of clients delaying new orders until after June 23rd. Employment growth slowed to its slowest rate in over 2.5 years.”
Key Quotes
“This leaves the index at a three-year low. Uncertainty around the EU Referendum was cited as one of the causes of the lower number, providing more evidence that caution is spreading beyond the export-oriented manufacturing sectors. New business volumes did help support the index somewhat, but there was evidence of clients delaying new orders until after June 23rd. Employment growth slowed to its slowest rate in over 2.5 years.”