Two unexpected brighter spots emerged in the economy with an index of consumer confidence and another of performance in services appearing to have been better than expected in February.

Consumer confidence, as measured by the Nationwide survey, picked up to 43 from 41 in January, albeit from a low level. Meanwhile, the headline number in the Purchasing Managers’ Index of the services sector, the single largest contributor to economic activity, rose from record lows for the third consecutive month and appears to be faring better than that of its continental European cousins.

Financial Times