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Services PMI holds up well but manufacturing looking weak

UK DATA
  • UK services seem to be holding up pretty well, albeit with the manufacturing PMI falling much faster than expected. Interestingly for the BOE too, despite the cost pressures coming down service providers are noting higher salary payments. There was also divergence between services and manufacturing on the outlook. More from the press release:
  • "Though sharp, the pace of increase was the softest seen for nearly a year. The rate of cost inflation softened notably at manufacturers to hit the lowest since November 2020, with survey respondents often stating that lower prices for some commodities such as metals had helped to ease overall cost pressures. In the service sector, the rate of cost inflation picked up slightly on the month. Service providers typically noted higher salary payments, often spurred by rising living costs, though greater expenses for energy and fuel were also widely cited."
  • "Optimism around the 12-month outlook for output remained relatively subdued in August, with the overall degree of positive sentiment staying only slightly above June’s 25- month low. Services companies expressed slightly stronger confidence compared to July, with growth forecasts often attributed to investment in the development and release of new products, ongoing recovery from COVID-19 and projected increases in customer demand. On the other hand, manufacturing companies were the least optimistic since April 2020, with firms concerned that rising costs, reduced client spending and a weaker economic climate could all drag on performance"
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