UK PMI dips for first time since January
investmentweek.co.ukPMI slipped to 49.5 in August, down from 51.5 in July, with S&P attributing increasingly higher interest rates and reduced consumer and corporate demand to the drop.
PMI slipped to 49.5 in August, down from 51.5 in July, with S&P Global attributing increasingly higher interest rates and reduced consumer and corporate demand to the drop.
Although this was the first decline in seven months, it was not as exaggerated as analysts had forecast, as initial estimates had it matching January's 48.7 result.
Bank of America forecasts no rate cuts for UK until 2025 due to 'entrenched inflation'
«Service providers saw customer spending reverse course during August as higher borrowing costs, subdued business confidence, and stretched household finances all acted to curtail sales opportunities,» Tim Moore, economics director at S&P Global, said yesterday (5 September).
Susannah Streeter, head of money and markets Hargreaves Lansdown, added that data «has painted a picture of a slowing British economy and is helping to reinforce bets that the Bank of England will not go as high in the UK as the market had been predicting just weeks ago».
Ex-Janus Henderson head of Americas equities resurfaces at Principal Asset Management
Read more on investmentweek.co.uk
