- The UK manufacturing PMI beats estimates with 60.1 points in August.
- The UK services PMI falls to 55.5 in August, a huge loss.
The seasonally adjusted IHS Markit / CIPS Manufacturing PMI Purchasing Managers Index fell slightly to 60.1 points in August from the final 60.4 points in July, it is above the 59.5 expected.
Despite the optimistic reading, the indicator reached lowest levels in five months.
Meanwhile, the preliminary index UK Services PMI for August fell sharply to 55.5 from July’s final reading of 59.6 and the expected 59.0. The index hits six-month lows.
Chris Williamson, Chief Business Economist at IHS Markit, commented on the survey
“Although the PMI indicates that the economy continues to expand at a slightly above-average rate before the pandemic, there are clear signs that the recovery lost momentum in the third quarter after a buoyant second quarter.”
“Even though covid-19 containment measures are relaxing to their lowest level since the pandemic began, the increase in the number of virus cases is deterring many forms of spending, particularly by consumers, and they have hit growth through worsening staffing and supply shortages. “
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