MW: U.K. March services PMI rises unexpectedly to 55.3
By William L. Watts
FRANKFURT (MarketWatch) -- A gauge of activity in Britain's dominant services sector unexpectedly rose in March, data showed Thursday. The CIPS/Markit purchasing managers index, or PMI, for the sector rose to 55.3 from a reading of 53.8 in February. Economists surveyed by Dow Jones Newswires had forecast a reading of 53.5. A reading of more than 50 indicates growth in activity. "The U.K. service sector has rounded off Q1 in confident fashion, with growth at its highest since Q2 2010, showing that fears of a double-dip recession were unfounded," said David Noble, chief executive of the Chartered Institute of Purchasing and Supply.
