Britain’s private sector activity recovered at its fastest pace since June 2021 in February, as travel, leisure and leisure spending rose after the Omicron case eased.
However, business costs have risen by the second-highest rate since IHS Markit began recording data in 1998, fueling the Bank of England’s concerns about persistent inflation.
The production index of the composite PMI rose to 60.2 points in February from 54.2 points in January, at the highest level of eight months and higher than all estimates.
The index plunged to a 10-month low of 53.6 points in December, when Britons were being advised to work from home because of Omicron, and many chose to cut back on social media just before Christmas.
The rise in February was attributed to the rise in PMI services to 60.8 points from 54.1 points in January, while the manufacturing PMI was unchanged at 57.3 points.
“Private-sector companies announced another sharp rise in incoming new jobs in February. Stronger customer demand was widely linked to improved confidence in the economic outlook and the passing of pandemic constraints,” said IHS Markit.
Source: Capital
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