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February PMI not as bad as feared

UK DATA
  • The UK PMI press release emphasises stability. Most things not really changed since January (remember this is a diffusion index, so being close to 50 for services means things didn't worsen as much as though in Feb - but this is from a weak January baseline).
  • Firms a bit more positive (as vaccine rollout continues) but there was a slight reduction in new work.
  • In essence the way to read this is not that its "good" per se but that February wasn't any worse than a weak January for services.

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