UK Businesses Report Strongest Month Since February, PMI Shows
The S&P Global UK Composite PMI climbed above forecasts as manufacturers lifted output and services firms saw faster new orders.
- On Friday, the S&P Global UK Composite Purchasing Managers' Index reached 53.1 for October, marking the fastest growth since February as new orders and AI-related demand accelerated.
- Companies added staff for the first time since former Finance Minister Rachel Reeves' 2024 budget, while firms reported a "general recovery" in customer demand driven by AI-related investments.
- Manufacturers saw their strongest output increase in more than two years, exceeding the 51.7 forecast, while services companies reported accelerated new orders.
- Strong price pressures make a Bank of England rate hike at the upcoming meeting "a near certainty," while likely shortening the odds of further rate hikes into 2027.
- Companies held off on spending ahead of the Budget, though S&P Global Market Intelligence economist Chris Williamson said growth may continue if Finance Minister John Healey avoids measures that hurt business.
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Evening Standard
UK business activity grows at fastest pace for eight months
New early figures showed that firms were boosted by the sharpest rise in new work for two years.
The United Kingdom's economic activity gained strength in October, driven by the recovery of demand and the advance of new orders. The previous index of purchasing managers (PMI) Composted rose from 52.0 in September to 53.1 in October, reaching the highest level in eight months and indicating a more robust expansion of the private sector. The Service PMI also advanced from 52.1 to 53.1, also reaching the maximum of eight months, while the Indus…
According to S&P Global's preliminary October data, the UK's composite PMI rose to 53.1, its highest level in eight months; services PMI was 53.1 and manufacturing PMI was 52.8. While a recovery in new orders supported employment, input cost inflation reached its highest level since June.
The activity of the British companies signed in October its best month since February, doped by an increase in new orders and by the... Read more The United Kingdom regains momentum, carried by the AI and the order books appeared first on Le Singulier.
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