UK Business Activity Cools as Inflation Pressure Ramps up, PMI Shows
Services firms raised prices at the fastest pace in four months as the composite PMI slipped to 51.7, S&P Global said.
- Britain's private sector growth slowed to a three-month low in September, with the composite PMI falling to 51.7 from 52.5 in August, according to preliminary data.
- High costs and sluggish expansion are discouraging hiring, creating what Global Market Intelligence's Chris Williamson called a "worrying combination" of sluggish growth and inflation.
- Energy and fuel costs linked to the Iran war pushed service prices higher at the fastest pace in four months, even as the manufacturing PMI rose to 52.0.
- Financial markets on Tuesday pointed to a roughly 60% chance the BoE will raise interest rates on November 5, the week after Healey delivers the October Budget.
- Optimism in the sector hit a seven-month high, even as Prime Minister Andy Burnham faces pressure to maintain economic prospects following strong consumer data since taking power.
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UK business activity cools as inflation pressure ramps up, PMI shows
By Andy Bruce Sept 23 (Reuters) - Growth in British business activity cooled this month and inflation pressure built, a survey showed on Wednesday, an awkward backdrop for finance minister John Healey ahead of his first budget next month. The S&P Glob...
The composite purchasing managers' index in the UK fell to 51.7 in September, compared to 52.5 the previous month.
UK PMI Composite Slips to 51.7 as Growth Slows and Inflation Pressures Intensify - ActionForex
UK private-sector growth lost momentum in September, with the Flash Composite PMI falling to 51.7 from 52.5, its weakest reading in three months. The Services PMI also slipped to 51.7 from 52.5, while the Manufacturing Output Index eased to 51.4 from 52.1, a six-month low. The headline Manufacturing PMI nevertheless improved to 52.0 from 51.7, […]
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