U.K.’s September private sector output was a record low from August’s 72-month high, according to Composite PMI press release. The slowdown reflected weak improvements in the manufacturing service sector activity. Private sector business optimism was the lowest since May. The economy lost its bounce as recovery from COVID-19 lockdowns faded – HIS Markit’s Chief Business Economist Chris Williamson.
- U.K.’s Composite Output Index at 55.7, a 3-month low from August’s 59.1
- UK’s Services Business Activity Index at 55.1, a 3-month low from August’s 58.8
- UK’s Flash Manufacturing Output Index at 59.3, a 2-month low from August’’s 61.0
- UK’s Flash Manufacturing PMI at 54.3, a 2-month low from August’s 55.2.
- New business volumes in the private sector rose at the weakest pace for three months to September.
- Recovery in consumer demand peaked in September, but home and foreign economic conditions prevent new projects.
- Employment continued to fall sharply in September.
- Services sector, especially the restaurants worst hit by the economic slowdown
- Economic recovery above long-run average, as weaknesses in consumer-facing services offset by robust manufacturing, financial, and business services.
The pound has weakened to the dollar given the less optimistic PMI data. GBPUSD is down 0.06%
