london skyline

United Kingdom PMI February 2022

United Kingdom: Composite PMI rises to eight-month high in February

The IHS Markit/CIPS Flash Composite Purchasing Managers’ Index (PMI) rose to 60.2 in February, up steeply from January’s 54.2. February’s result marked the highest reading since June 2021. As such, the index moved further above the 50-threshold, pointing to a faster improvement in business conditions than the previous month.

The Manufacturing PMI came in at 57.3 in February, matching January’s print. While, output volumes rose at the fastest rate in seven months, severe pressure on supply chains and staff absences due to Covid-19 infections weighed on the overall figure. Meanwhile the Services PMI rose to 60.8 in February (January: 54.1) amid strong new order growth. On the price front, input cost inflation surged, leading to a further steep increasing in output costs.

Regarding the near-term outlook, Chris Williamson, chief business economist at IHS Markit, commented:

“The indications of a growing plight for manufacturers will need to be watched, and the service sector’s new business index will need to be monitored for signs of the demand revival losing steam. Given the rising cost of living, higher energy prices and increased uncertainty caused by the escalating crisis in Ukraine, downside risks to the demand outlook have risen.”

Free sample report

Access essential information in the shortest time possible. FocusEconomics provide hundreds of consensus forecast reports from the most reputable economic research authorities in the world.
Close Left Media Arrows Left Media Circles Right Media Arrows Right Media Circles Arrow Quote Wave Address Email Telephone Man in front of screen with line chart Document with bar chart and magnifying glass Application window with bar chart Target with arrow Line Chart Stopwatch Globe with arrows Document with bar chart in front of screen Bar chart with magnifying glass and dollar sign Lightbulb Document with bookmark Laptop with download icon Calendar Icon Nav Menu Arrow Arrow Right Long Icon Arrow Right Icon Chevron Right Icon Chevron Left Icon Briefcase Icon Linkedin In Icon Full Linkedin Icon Filter Facebook Linkedin Twitter Pinterest