(IHS Markit) The UK Composite Output Index rose to a three-month high of 56.8 in October from 54.9 in September, as the UK economy regained steady growth in most sectors.
The UK private sector business output recorded the strongest growth in three months due to increased consumer spending and the lifting of Covid-19 restrictions.
The manufacturing output dropped to an index of 50.6, the lowest in 8 months, compared to 52.7 recorded in September. Lengthy delivery times and staff shortages were behind the shortfall.
The manufacturing PMI increased to an index of 57.7 in October from 57.1 recorded in September, driven by new orders and increased employment.
Work backlogs surged for the eighth month due to constrained capacity, with the rate the fastest since June.
The rate of job creation grew almost to a record high reported in August due to high demand and the growing confidence in the business outlook.
Input cost inflation rose the sharpest since 1998 due to high wages and supply shortages. Output cost among the private sector companies rose the steepest in 20 years.
The service business activity increased the strongest since July with an index of 58.0, compared to 55.4 recorded in September due to expanding export sales and lifting of restrictions.
GBPUSD is down -0.05%, FTSE 100 is up +0.55%.
