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Service sector activity is stuck in slump territory in February
THE SERVICE industry continued to produce well below what it considered normal output in February, according to a survey out this morning.
A margin of 27 per cent of business and professional services firms told the Confederation of British Industry (CBI) the volume of their business was below normal, while a margin of 20 per cent of consumer services firms said the same.
But the decline may be halting, the data suggested. After 11 straight months of decline, consumer services firms reported the slightest of margins of increase in the three months to February, compared to the previous three.
And business service firms expected both the value and volume of their activity to increase significantly in the coming quarter.