UK services PMI drops to lowest since March 2013

The seasonally adjusted Markit/CIPS UK Services PMI fell to 52.7 in February, from 55.6 in January. The reading was the lowest since March 2013.

Key points

The Index was below its long-run trend level (since July 1996) of 55.2

New contracts received by UK service providers rose at the weakest pace in almost three years

Services employment rose at the slowest pace in two-and-a-half years

The rate of inflation remained historically weak, however, amid reports of lower fuel and energy prices