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PMI services upward revision

UK DATA
  • There's not a lot that stands out amongst the UK PMI services upward revision to 49.3 relative to the flash (note that this is a 2.1 point upward revision so the "actual" number only fell 0.2 points from the August print).
  • However, it is important to bear in mind that the MPC requested to see the flash data ahead of their September decision to leave rates on hold, and a number of MPC members did sound more concerned about the growth outlook.
  • We noted in our BOE Review following the meeting that there would be increased focus from the MPC in the coming meetings on growth data as the emphasis on official wage data seems to have decreased somewhat, and we have seen that reflected marginally in money market pricing and the move in the pound today.
  • We still think for another hike there would need to be more positive developments, but the immediate growth picture looks slightly better than previously.
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