India, March 5 -- The UK service sector continued to expand at a moderate pace in February despite a faster decline in new orders, the S&P Global purchasing managers' survey showed on Wednesday.
The final services Purchasing Managers' Index increased slightly from 51.0 in February to 50.8 in January, below the flash reading of 51.1. A score above 50 indicates expansion, while any reading below suggests contraction in the sector.
New business fell at the fastest pace since November 2022, mainly attributed to cutbacks to business investment among clients, heightened economic uncertainty, and ongoing headwinds to discretionary consumer spending.
Export sales also declined at the steepest pace since December 2021 amid weak demand across Euro...