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Flash July PMIs Round-Up: Contractions For All But UK, Signs of Easing Inflation (2/2)

EUROPEAN DATA
MNI (London)

UK: all July flash PMIs marginally stronger than expected, still weaker than in June.

  • UK PMIs remained around 52-53 and in expansive territory, stronger than Euro area prints. These were still substantial lows, as services fell to a 17-month low and manufacturing to a 25-month low. Manufacturing output contracted for the first time since May 2020).
  • Moderate increases were seen in new order volumes, signalling relatively robust demand for services, however manufacturing demand weakened significantly.
  • Inflation: Input inflation saw considerable easing at a 10-month low. Prices charged eased to the slowest increase since January as demand softened.
  • Employment: Employment rose further, however job creation slowed to a 16-month low due to labour shortages and concerns regarding future growth outlooks.
  • Expectations: Outlooks saw modest improvements from the 25-month low seen in June. Manufacturing outlooks were downbeat at 1 26-month low.
US data is due at 1445 BST and expected to see services hold steady at 52.7 and a modest softening to 52.0 for manufacturing.

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UK: all July flash PMIs marginally stronger than expected, still weaker than in June.

  • UK PMIs remained around 52-53 and in expansive territory, stronger than Euro area prints. These were still substantial lows, as services fell to a 17-month low and manufacturing to a 25-month low. Manufacturing output contracted for the first time since May 2020).
  • Moderate increases were seen in new order volumes, signalling relatively robust demand for services, however manufacturing demand weakened significantly.
  • Inflation: Input inflation saw considerable easing at a 10-month low. Prices charged eased to the slowest increase since January as demand softened.
  • Employment: Employment rose further, however job creation slowed to a 16-month low due to labour shortages and concerns regarding future growth outlooks.
  • Expectations: Outlooks saw modest improvements from the 25-month low seen in June. Manufacturing outlooks were downbeat at 1 26-month low.
US data is due at 1445 BST and expected to see services hold steady at 52.7 and a modest softening to 52.0 for manufacturing.

Keep reading...Show less