From Citywire:

The data on the services sector, which accounts for around three quarters of the economy, rebounded sharply from December’s lows and hinted at some reasonably solid growth.

There was a similarly upbeat picture in the construction and manufacturing surveys. Manufacturing has been one area of the economy that has been consistently strong for a few months now. But before anyone gets too carried away thinking this may be a re-birth of industry, we need to remember that the sector shrank more than the others during the recession.

And if, as some data suggests, the sector has been bolstered by a weak pound then the renewed talk of interest rate increases in the months ahead is another cause for concern. Higher rates mean a stronger pound which could hobble the sector going forward.