IHS Markit data states so
The unusually heavy snow and ‘subdued’ consumer demand played a “key factor” in holding back business activity growth in the UK’s private sector service companies last month, a major survey showed today.
The IHS Markit/CIPS services Purchasing Managers’ Index (PMI) index fell to 51.7 in March from 54.5 in February as bad weather disrupted retail and other parts of the sector.
“The UK economy iced up in March, suffering the weakest increase in business activity since the Brexit vote amid widespread disruptions caused by some of the heaviest snowfall in years,” Chris Williamson, IHS Markit’s chief business economist.
He added: “PMI surveys collectively signal a quarterly GDP growth rate of just under 0.3%, down from 0.4% in the fourth quarter, albeit with the rate of growth sliding to just 0.15% in March alone.”
Britain’s construction PMI showed a similar drop yesterday, although manufacturing held up better.
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