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UK PMI: Lockdown Easing Boosts Services

DATA REACT

The April flash PMI reading for the UK came in higher than expected, with 60.1 for services (58.9 exp., 56.3 prior) and 60.7 for manufacturing (59.0 exp., 58.9 prior) equating to a 60.0 composite figure (58.1 exp., 56.4 prior). Composite was highest since Nov 2013, services highest since Aug 2014.

  • The upside surprise for services and outperformance vs manufacturing "was largely due to a boost from easing government stringency measures regarding some consumer services and non-essential retail" in England and Wales, per the IHS Markit report.
  • The employment reading was the strongest since Aug 2017, and "survey respondents mostly noted additional staff hiring as opposed to the impact of recalls from furlough".
  • New business volumes accelerated the most in nearly 7 years, despite "subdued export sales, especially in the service economy due to tight restrictions on international travel".
  • Input cost pressures persist, " led by higher fuel bills, staff wages, commodity prices and freight surcharges" - this and stronger demand led to prices charged rising at one of the fastest rates over the past 3.5 years.
  • Optimism remained close to record highs.
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