The "soft", i.e., survey data, rollover accelerated this morning, when Markit reported that in March the Service PMI posted a second consecutive decline, dropping from 53.8 to 52.8, missing expectations of a 53.1 print. This was the lowest reading since September 2016.
New Business falls to 51.7 vs 53.6 in Feb, and was the lowest reading since March 2016. Additionally, the Outstanding Business index also fell vs last month. Latest data showed input costs rising at a solid rate, although a desire to strengthen profitability meant higher costs were passed onto clients wherever possible, according to Markit.