Markit’s preliminary UK manufacturing PMI index fell four points in September to 56.3 from 60.3 in August, disappointing the 59 expected. This is the lowest reading recorded in seven months.
The Preliminary services PMI has also declined, falling to 54.6 from 55 the previous month, below the 55 expected by the market. The figure also marks a minimum of seven months.
The production growth has slowed further, while the Sales price inflation has reached a record high.
Chris Williamson, IHS Markit Chief Business Economist, said: “September PMI data will add to concerns that the UK economy is heading into a period of ‘stagflation’, with growth continuing to trend downward. it goes down while prices go up more and more. ”
“While there are clear signs that demand is cooling down since it peaked in the second quarter, the survey also notes that business activity is increasingly constrained by shortages of materials and labor, especially in the manufacturing sector, but also in some service companies. Personnel and components were especially cited as causing declines in production in the food, beverage and vehicle manufacturing sectors. “
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