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PMI: Services slip into contraction for first time since Feb 2021

UK DATA
MNI (London)

The September flash PMIs saw a small improvement in UK manufacturing (albeit remaining contractionary), whilst services slipped more than anticipated, to a mild contraction for the first time since February 2021.

  • Business activity rates fell the fastest since January 2021 as high cost pressures and pessimistic growth outlooks saw demand weaken, underscoring concerns which led the BOE to avoid a 75bp hike yesterday.
  • The dive in export goods demand was the sharpest in 28 months.
  • Price growth slowed yet remained acute, whilst optimism dipped to a May 2020 low as recessionary fears loomed.
  • The silver lining was employment, which rose strongly in September despite job creation stalling.
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The September flash PMIs saw a small improvement in UK manufacturing (albeit remaining contractionary), whilst services slipped more than anticipated, to a mild contraction for the first time since February 2021.

  • Business activity rates fell the fastest since January 2021 as high cost pressures and pessimistic growth outlooks saw demand weaken, underscoring concerns which led the BOE to avoid a 75bp hike yesterday.
  • The dive in export goods demand was the sharpest in 28 months.
  • Price growth slowed yet remained acute, whilst optimism dipped to a May 2020 low as recessionary fears loomed.
  • The silver lining was employment, which rose strongly in September despite job creation stalling.