British services PMI slips to 56.7 in Feb.

British services purchasing managers' index (PMI), a gauge measuring the industry activity, slipped to 56.7 in February 2015 from 57.2 in the prior month, said Markit Economics Limited Wednesday.

The reading was lower than the market estimates consensus of 57.5, though it marked the 26th successive month that the activity index staying above the 50.0 no-change mark.

British service sector continued to expand at a marked pace during February, supported by another sharp rise in volumes of incoming new business, said the London-based survey compiler.

Meanwhile, faced with higher backlogs and mild capacity pressures, companies recruited additional staff, with the rate of expansion the second fastest in the survey history, said Markit.

Chris Williamson, Chief Economist at Markit, said:" The UK economy is enjoying yet another impressive performance in the first quarter, with robust growth feeding through to near-record job creation. "

"Although the rate of expansion slowed in the vast services economy, growth has picked up in both manufacturing and construction. The three PMI surveys collectively indicated a slight acceleration in economic growth for a second successive month in February as a result," he said.

Data showed that British manufacturing and construction PMIs are 54.1 and 60.1 in February, up from the previous month's 53.1 and 59.1 respectively.

Markit expects a 0.6 percent quarterly GDP growth for Britain in the first quarter of 2015.

The services sector dominates the UK economy, contributing around three quarters of the GDP, according to Office of National Statistics. Endit