Details from the April 2016 UK Markit/CIPS services PMI data report 5 May 2016

  • Prior 53.7

  • New orders 53.6 vs 52.9 prior

  • Composite 51.9 vs 53.2 exp. Prior 53.6

  • New orders 53.1 vs 52.8 prior

If there was a saving grace it would be the rise in orders. Employment in services also maintained growth but at the slowest level in over two and a half years.

No need to tell you what the main reason given for the drop is.

Said Chris Williamson at Markit;

Surprisingly the pound has taken the news on the chin and actually rose a few pips. Obviously given the last two PMI's, a poor number was expected.

UK services PMI