PMI in the UK services sector declined in October more than expected

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The purchasing managers index in the UK services sector fell in October to 52.2 points from 53.9 points in the previous month, according to IHS Markit. The rate was the lowest since March of this year. Economists had expected the index to drop to 53.4 points. The growth of business activity in the services sector was negatively affected by such factors as economic uncertainty and a slowdown in the growth rate of new orders. Chris Williamson, chief business economist at IHS Markit, noted that survey participants expressed concern about the uncertainty connected with Brexit, as well as about trade wars and tightening financial conditions.

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