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 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.