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MNI DATA SURVEY: Preliminary UK Nov IHS Markit Services PMI

MNI (London)
Repeats Story Initially Transmitted at 16:07 GMT Dec 1/11:07 EST Dec 1
By Jamie Satchithanantham
     LONDON (MNI) - The IHS Markit services PMI raised a few eyebrows last
month, posting a two point increase to 55.6 -- a six-month high -- much to the
surprise of market spectators. 
     The November print will be published on Dec 5 and we will find out if the
strong prevailing conditions extended into November, or whether a return to its
recent, largely underwhelming trend is instead on the cards.
     Highlights of October's survey included a rebound in new orders from its
13m low in September to expand at the fastest pace since May and operating costs
easing to its lowest level since September 2016. But it was not all rosy. Job
growth did slip to a seven-month low and prospects for growth looking forward
did remain fragile.
     A preliminary survey of analysts conducted by MNI yielded a a median
outturn slightly below the October result, 0.5 points lower at 55.1. 
     While the survey excludes firms in the retail sales sector, other
consumer-facing businesses will have had an increasingly difficult time luring
consumers, lacking in confidence and disposable income, to open their wallets. 
     This week, we learned of UK consumer confidence slipping back to the lowest
level since the Brexit vote last summer and that was on top of households
continuing to process the first hike in interest rates in 10 years.  
----------------------------
                         Nov
                    Services
                         PMI
                       Index
Date Out              05-Dec
Median                  55.1
Consensus
Forecast High           55.5
Forecast Low              54
Standard Deviation       0.7
Count                      7
Prior                   55.6
Commerzbank             55.2
Investec                54.6
Nomura                  55.0
Oxford Economics        55.2
RBC                     55.0
Standard Chartered      55.5
UniCredit               53.5
--MNI London Bureau; +44 203-586-2226; email: jamie.satchithanantham@marketnews.com
[TOPICS: MTABLE]
MNI London Bureau | +44 203-865-3812 | les.commons@marketnews.com
MNI London Bureau | +44 203-865-3812 | les.commons@marketnews.com

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