In Q1 2026 we are saw ADR being -2.74% below Q1 2025. The seasonal uptick is happening but there is consistently a small reduction on 2025. The Composite Purchasing Managers Index (PMI) which assesses purchasing managers positivity regarding the future has been over 50 for most of 2025 (50+ being positive).
This is a fairly broad measure but crucially includes Services such as finance, and healthcare. The first two months of 2026 saw a score just below 54. However March saw this tail off to slightly over 50. This is positive but a fairly sharp reduction.
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