With many retailers suffering from the deep freeze that is still enveloping the UK and ruined the Easter holiday trading period, good news just out concerning the strength of the UK services industry is very well received by economic analysts.

The monthly Markit/CIP purchasing managers index gives a snapsot on the health of the services Industry, that covers 75% of the UK GDP and it has risen to 52.4 in March from 51.8, a healthy increase that is fueling hope that a triple dip recession may be avoided. If the UK economy from the quarter to the end of March contracts, then the triple dip is there and it will be very close.

No rate change and no further monetary stimulus coming from the Bank of England Thursday and there was speculation that the European Central Bank may have cut interest rates from 0.75% but there was no movement in that direction either.