The UK services sector grew at a moderate pace in February

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In the UK services sector, moderate growth was observed in February. According to IHS Markit, the purchasing managers index rose to 51.3 points from 50.1 points a month earlier. The February index value is the lowest since the fourth quarter of 2012. Experts did not expect it to change. Companies postponed corporate spending decisions due to political uncertainties regarding Brexit. For the same reason, European customers postponed the adoption of new projects. In February, British companies showed restraint in hiring staff. The rate of decline in employment last month was the most significant since November 2011. Rising commodity prices in annual terms slowed down to a minimum of nine months. At the same time, product prices rose at the weakest pace since September.

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