Quick Update -by- Michael Oyebamiji
March 3, 2016UK service PMI data hits the lowest level since March 2013. This is coming few days after the Eurozone inflation dropped back to negative territory. The figure which shows Services dropped to 52.7 while market was expecting 55.1. it will be recalled that the service industry occupies a greater proportion of the UK economy.
The sharp fall could be attributed to the fear of “Brexit”. investors are uncertain about the future of Uk in the Eurozone, this is already weighing on the economy. however, 50.2 is still above the assumed level of contraction which is any reading below 50.
