British services PMI sinks to nine-month low in March

British service purchasing managers' index (PMI) declined to 57.6 in March from 58.2 in February, the lowest level since June 2013, and also well below the market estimates consensus of 58.2, said Markit Thursday. The service sector dominates the British economy, contributing around three quarters of the gross domestic product (GDP), according to the Office of National Statistics (ONS). The seasonally adjusted Business Activity Index, the headline index from the survey, registered 57.6 in March, well above the 50.0 no-change mark, said the London-based survey compiler. Incoming new business volumes continued to rise at a strong but nonetheless slower rate during March, said Markit. And new work increase at the weakest pace for 10 months. Meanwhile, inputs costs grew at the slowest degree last month since May 2013, and output charges also rose at the lowest level in 10 months, said Markit.