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United Kingdom PMI October 2023

United Kingdom: Composite PMI picks up in October

The S&P Global/CIPS Flash Composite Purchasing Managers’ Index (PMI) came in at 48.6 in October, up from September’s 48.5. Consequently, the index moved closer to the 50.0 no-change threshold, signaling a softer deterioration in private sector operating conditions compared to the previous month.

The Manufacturing PMI clocked in at 45.2 in October, up from September’s 44.3, while the Services PMI fell to 49.2 in October (September: 49.3).

Across the private sector as a whole, output, new orders and employment fell, while business sentiment for the year-ahead outlook was the worst in 10 months. High borrowing costs and concerns over the health of the economy weighed on business sentiment. More positively, input price inflation fell to an over two-year low.

On cost pressures, Chris Williamson, chief business economist at S&P Global Market Intelligence, said: “Encouragingly, cost pressures have continued to moderate, in part helped by reports of lower wage inflation and further falls in prices charged by manufactures. However, selling price inflation for services remains somewhat elevated, and even ticked higher in October, pointing to some stickiness of headline inflation around the 4% mark into the early months of next year.”

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