UK services activity cooling slightly

The UK Q1 GDP data surprised with a deceleration in services growth from 0.9% to 0.5%. This seems an exaggerated cooling but services growth is on a declining trend. 

In the services PMI report, orders jumped sharply which is probably unsustainable and as they fall back in April, Societe Generale expects the PMI, which is an output index, to follow suit with a fall from 58.9 to 58.1.