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Services disappoints but no major surprises

UK DATA

Services disappoints but manufacturing holds up well. Demand is starting to weaken due to cost of living and the Ukraine war. Nothing really in here that the MPC wouldn't have been aware of. Labour market still looks tight and prices still rising sharply. Headlines from the press release below:

  • "Slowest rise in new orders so far in 2022. Survey respondents mainly noted that the cost of living crisis and economic uncertainty arising from the war in Ukraine had impacted client demand."
  • "Service providers experienced a considerable loss of momentum as the pass-through of escalating costs offset the boost to consumer spending from the ending of COVID19 restrictions. Manufacturers also faced a headwind to order books from rising output charges, with the latest increase in factory gate prices by far the fastest on record."
  • "UK private sector employment increased during April, which continued the positive trend seen in each month since March 2021. That said, the rate of job creation slipped to a 12-month low, driven by a slowdown in hiring across the service economy."
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