The UK composite purchasing managers’ index (PMI), which encompasses both manufacturing and services, fell from 52.1 in July to 50.9 in August, hitting an 18-month low. according to preliminary data released this Tuesday (23) by S&P Global in partnership with CIPS.
Despite the drop, a reading above 50 indicates that British economic activity continues to expand this month. The August preview was slightly below analysts’ expectations Wall Street Journalwhich predicted a reduction in the composite PMI to 51.
Only the UK services PMI declined marginally over the same period, from 52.6 to 52.5, also touching an 18-month low but surpassing the market consensus of 52.
The British industrial PMI decreased from 52.1 in July to 46 in August, the lowest level in 27 months and indicating a contraction in manufacturing. In this case, the forecast was for a fall to 51.
Source: CNN Brasil
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