The index manufacturing PMI of S&P Global for the United Kingdom has suffered a Sharp pullback in August’s preliminary reading, plummeting to 46 from 52.1 points in July. The result significantly worsens the expected 51.3 and stands as the lowest recorded in the last 27 months.
The Services PMI has dropped one tenth, going from 52.6 to 52.5, its lowest figure in 18 months. Despite the fall, the indicator improves by five tenths the 52 points estimated by the experts.
According to the S&P Global statement, softer demand conditions led to a renewed drop in pending business, while employment expanded at the slowest pace in 17 months. On a more positive note, inflationary pressures moderated again in August, although they remained strong overall.
UK manufacturers noted a sharp and accelerating drop in production during August, with the fastest rate of reduction seen since May 2020. Reduced customer demand, delayed input deliveries and shortages of labor affected performance, according to panel members.
Source: Fx Street
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