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UK flash PMIs outperform forecasts, boosted by service growth

UK DATA
MNI (London)

UK FLASH FEB SERVICES PMI 60.8; JAN 54.1

FLASH FEB MFG PMI 57.3; JAN 57.3

FLASH FEB COMPOSITE PMI 60.2; JAN 54.2

  • UK PMI flash readings for February were all stronger than the consensus predictions, following earlier EZ data.
  • Services accelerated substantially to an eight-month high, jumping 6.7 points to 60.8 in February and significantly outpacing the forecast of 55.5.
  • Manufacturing remained at the January level, coming in slightly stronger than the anticipated deceleration of 57.0. Supply chain pressures were seen easing and raw material shortages were less severe.
  • Private sector growth was the key driver of recovery, with the impact of the Omicron wave subsiding and consumer spending rebounding as a result.
  • The manufacturing sector saw price pressures ease, however, service firms saw continued inflation in operating costs.

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