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Five-month low: UK business activity
The latest UK economic data is a bit worrying, to be frank. February’s composite PMI data for the services, construction and manufacturing sectors hit a five-month low of 53.7 and a significant decline from 55.1 a month earlier. PMI data gives an insight into the activity of purchasing managers.
Markit/CIPS, which compiled the data, says indications year to date suggest the UK economy will grow 0.4% in the first quarter of 2017, much lower than the 0.7% expansion seen in the fourth quarter of 2016.