(IHS Markit) Business activity in the UK increased in October, with the PMI jumping to 59.1 from 55.4 in September. The recovery pace was the strongest since July.
New order volumes increased the sharpest in four months, while recovery in new work from abroad expanded at the fastest pace since 2018.
The rate of employment expanded at the second-fastest pace since June 2014. The only decline in employment was due to a high turnover for better pay by competitors.
Work backlogs increased in the eighth subsequent month as businesses struggled to find suitable talents.
The input price inflation surged at the steepest rate in more than 25 years, driven by high wages that pushed operating expenses higher.
Output charge inflation increased to a record due to high input costs caused by a constrained business environment. Output index jumped to 57.8 from 54.9 in September.
Business confidence eased to the lowest level since January over concerns of a high inflation rate.
FTSE 100 is down -0.26%, GBPUSD is up +0.15%.
