UK service sector grows more than expected in February: Markit/CIPS
ReutersLONDON--Britain's services sector grew more strongly than expected in February and at its fastest pace in five months, suggesting the economy may narrowly avoid a triple-dip recession, a survey showed on Tuesday.
March 6, 2013, 12:34 am TWN
The Markit/CIPS Purchasing Managers' Index (PMI) for services rose to 51.8 last month from 51.5 in January, beating the median forecast of 51 in a Reuters poll of economists.
The sector's second consecutive month above the 50 line denoting growth contrasted with a surprise contraction in UK manufacturing last month. The country's construction sector also shrank in February.
Those surveys revived fears that Britain's economy was heading for a third recession in four years after it shrank in the last quarter of 2012.