- Analytics
- News and Tools
- Market News
- UK Preliminary Services PMI declines to 47.2 in September vs. 49.5 expected
UK Preliminary Services PMI declines to 47.2 in September vs. 49.5 expected
- UK Manufacturing PMI rose to 44.2 in September, above expectations of 43.0.
- Services PMI in the UK fell to 47.2 in September, a big miss.
- GBP/USD consolidates losses around 1.2250 on mixed UK business PMIs.
The seasonally adjusted S&P Global/CIPS UK Manufacturing Purchasing Managers’ Index (PMI) unexpectedly advanced to 44.2 in September versus the 43.0 expected and, 43.0 - August’s final print.
Meanwhile, the Preliminary UK Services Business Activity Index reached a 32-month low of 47.2 in September, compared with a 49.5 final print for August and the 49.2 expected figure.
Commenting on the flash PMI data, Chris Williamson, Chief Business Economist at S&P Global Market Intelligence said: “The disappointing PMI survey results for September mean a recession is looking increasingly likely in the UK.”
“The steep fall in output signaled by the flash PMI data is consistent with GDP contracting at a quarterly rate of over 0.4%, with a broad-based downturn gathering momentum to hint at few hopes of any imminent improvement,” Williamson added.
FX implications
GBP/USD is off the multi-month lows, still shedding 0.35% on the day to trade at 1.2250, as of writing.
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
