Overview

• The UK services sector has cut jobs for five consecutive months, with February marking the fastest pace of job cuts since 2020, driven by rising payroll costs and tax increases.
• India's services sector experienced strong growth in February, supported by robust domestic and global demand, leading to increased hiring and optimism about future activity.
• Spain's service sector saw accelerated growth, with rising domestic and export demand, though optimism slightly cooled due to cost pressures.
• France's services sector contracted sharply in February, with the steepest decline in business activity since late 2023 and the fastest job cuts since 2020.
• Germany, Japan, and other regions reported slower or marginal growth in services, while South Africa and Russia saw modest improvements after previous declines.