The British service sector slowed down in January, which accounting for more than 75% of GDP, falling to its lowest level since Britain's EU membership referendum in 2016. The PMI index slowed to 53 points from the previous reading of 54.2 points.
January's reading is the worst since September 2016, just three months after the vote, and the sector was expected to record 54.3 points. The slowdown reflects a marked decline in demand for services for businesses and consumers, and demand for transport and communications services fell for a second month in a row.
The pace of Britain's economic growth slowed sharply at the beginning of the new year, with PMI indicators showing the weakest figures, signaling that the health of the UK economy was not going well since the start of the new year.
