Automated High Impact News Updates: Slump in UK service sector output as COVID-19 pandemic continues in April

April data indicated a reduction in UK service sector activity on an unprecedented scale since the start of the survey in July 1996, reflecting emergency public health measures to stem the coronavirus disease 2019 (COVID-19) pandemic. The headline seasonally adjusted IHS Markit/CIPS UK Services PMI® Business Activity Index registered 13.4 in April, down sharply from 34.5 in March, to signal a rapid decline in UK service sector output. The earlier 'flash' reading for April was 12.3. Prior to the last two months, the survey-record low stood at 40.1 in November 2008. Around 79% of survey respondents reported a drop in ... (full story)

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