Growth in the UK’s service sector eases

Growth in the UK's service sector eased to a five-month low in February, according to a closely watched survey.

The Markit/CIPS purchasing managers' index (PMI) for services fell to 53.3, down from 54.5 in January. However, it remains above the 50 threshold that separates growth from contraction. Markit estimates the economy will grow by 0.4% in the first quarter of 2017. The economy has "lost momentum" after "impressive" growth at the end of 2016, said Chris Williamson of IHS Markit. Services, which include areas such as finance and hospitality, make up more than three-quarters of the UK economy. Markit said the sector had been stung by the steepest rise in costs for more than eight years as a result of the weak pound.

Source: VOV5