The UK services PMI was 50.1 in January 2019. This was down from 51.2 in December, the lowest reading for two-and-a-half years and the second-weakest reading since December 2012.
Political uncertainty was cited as a prime reason for caution. There was a small fall in employment, combined with higher pay adding to input costs.
In the Markit/CIPS PMI, a value of 50 means that there is no change compared to the previous month. Values above 50 indicate an expansion, and values below 50 a contraction.
PMI is based on a monthly survey asking companies about output, new orders, stock levels, employment and prices. PMI compares the current month with the previous one.
The PMI is produced faster than comparable official data. It often anticipates the direction of official figures, although the methodology is different.
Read Full News Story » UK Economic Indicators January 2019