The UK service sector output declined only moderately in February after a sharp downturn at the start of 2021, as the third national lockdown has caused limited damage to the economy, results of a closely watched survey showed on Wednesday. The IHS Markit/Chartered Institute of Procurement & Supply final services Purchasing Managers' Index rose to 49.5 in February from an eight-month low of 39.5 in January. The flash score was 49.7. The score has been below the crucial 50.0 no-change mark in each month since November 2020, but the latest reading signaled the slowest decline in service sector output over this period.
"The dominant services sector bounced back in February and though remained in the contraction zone, presented a more positive picture than at the start of the year," Duncan Brock, group director at CIPS, said.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.