 Prior 49.9Manufacturing PMI 46.7 vs 45.5 expectedPrior 45.3Composite PMI 47.8 vs 49.1 expectedPrior 49.0Thats a steep drop in UK services activity, with the headline reading slumping to a two-year low. There is a bit of reprieve in that manufacturing activity nudged higher but overall, the data highlights a further sustained downturn in the UK economy to start the new year. SP Global notes that: 