UK service sector activity grew in March at its fastest rate since May 2021, after an Omicron-driven slowdown at the start of 2022.
Source: S&P Global
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The S&P Global UK services purchasing managers’ index increased for the third straight month to stand at 62.6 points in March, up from 60.5 in February. The score was higher than a preliminary estimate of 61.0.
UK service providers signaled a solid growth in business activity during March, and the rate of expansion accelerated to its fastest in 10 months.
Survey respondents indicated that the removal of pandemic restrictions and return to offices had led to a sharp bounce back in customer demand.
Tim Moore, economics director at S&P Global stated that the service sector companies led the way as business activity expanded at the fastest rate since the post-lockdown recovery posted last May.
Meanwhile, business expectations for the year ahead fell for the second straight month and were at the lowest level since October 2020.