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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
UK DATA
MNI (London)
UK APR FLASH MANUF PMI 46.6 (FCST 48.4); MAR 47.9
UK APR FLASH SERVICES PMI 54.9 (FCST 52.8); MAR 52.9
- Similarly to the eurozone flash PMIs, the UK April PMI data signalled stronger service sector growth (up 2 points at 54.9) , whilst manufacturing weakened further (down 1.3 points at 46.6). This divergence represented a 12-month high for services, and a 4-month low in manufacturing.
- Services demand rose, with new orders reaching a 13-month high. Manufacturing demand declined, with firms destocking as they grappled with persistently high energy costs and soft consumer demand.
- Prices eased as input inflation cooled to the softest on over two years on the back of softer energy costs and supply constraints. Firms again flagged strengthening wage inflation as a key concern, leading to output charge increases, notably in services.
- Job creation picked up, driven by service-sector hires.
- According to Chris Williamson, Chief Business Economist at S&P Global: "Flash PMI surveys signalled an acceleration of economic growth to the fastest for a year in April, building on a modest return to growth in the first quarter of the year. the latest PMI reading broadly indicative of GDP rising at a robust quarterly rate of 0.4%." (0.4% growth in Q1 is in line with the BOE's expectations).
- The PMI's forward-looking the evidence of further service price inflation and pressure on wages adds to fuel for a 25bp hike at the upcoming May 11 meet.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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