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United Kingdom PMI February 2023

United Kingdom: Composite PMI hits highest reading since June 2022 in February

The S&P Global/CIPS Flash Composite Purchasing Managers’ Index (PMI) came in at 53.0 in February, up from January’s 48.5. February’s result marked the strongest reading since June 2022. Consequently, the index rose above the 50.0 no-change mark, signaling an improvement in private sector operating conditions from the previous month.

Meanwhile, the Manufacturing PMI clocked in at 49.2 in February, up from January’s 47.0. Lastly, the services PMI activity index increased to 53.3 in February (January: 48.7). In the private sector as a whole, average cost burdens rose at the softest pace in nearly two years, while new orders, output and employment increased. Moreover, business sentiment rose to the highest level since March 2022.

Chris Williamson, chief business economist at S&P Global, said:

“While many companies continue to report tough operating conditions, especially in the manufacturing sector, the broader business mood has been buoyed by signs of inflation peaking, supply chains improving and recession risks easing. The stress created by last autumn’s mini budget is also continuing to work its way out of the financial system.”

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