UK Services Sector Shrinks for First Time Since July 2016

Britain's key services sector shrank in March for the first time since July 2016, with activity slammed by Brexit turmoil and flat economic growth, a leading survey showed on Wednesday.

The purchasing managers' index (PMI) for services fell from 51.3 in February to 48.9 in March, according to IHS Markit, which compiles the data. A reading below 50 indicates contraction.