The United Kingdom continues to provide more details into the slowing pace of the recovery. Today's data confirmed the slowing pace with the easing expansion in the economy's biggest sector and contributor to growth.
The CIPS Services PMI slowed in April to 54.3 from 57.1 and also fell below forecasts of 56.0. The slowing services sector follows the easing expansion in construction and manufacturing PMI indices for April. The economy expanded 0.5% in the first three months and data since then has been downbeat confirming the BoE's view and the steady monetary policy.