UK's service sector beats expectations

The UK's Purchasing Managers Index (PMI) for services rose to 51.8 for February from 51.5 prior (release), despite a fall expected to 51.0. PMI data already released for manufacturing and construction this month has been less promising.

Markit's Chris Williamson said:

So far, the PMIs suggest that the economy will have grown by 0.1% in the first quarter, barely making up for any of the 0.3% decline seen in the final quarter of last year.