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Business optimism rises to near six-and-a-half year high.
Rob Dobson, Director at IHS Markit, commented on the survey
“The UK manufacturing sector was again hit by supply chain issues, COVID-19 restrictions, stalling exports, input shortages and rising cost pressures in February. Look past the headline PMI and the survey reveals near stagnant production, widespread shipping and port delays and confusion following the end of the Brexit transition period.”
“In fact the biggest contributor to the headline PMI reading was a near-record lengthening of supplier delivery times. However, while normally a positive sign of an increasingly busy economy, the recent lengthening was far from welcome, more often than not linked to problems resulting from Brexit and COVID related.”
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Dec 16, 2020 10:42 GMTFXStreet News
UK Manufacturing PMI climbed to 57.3 in December vs. 55.9 expected.
Services PMI in the UK fell to 49.9 in December vs. 50.5 anticipated.
GBP/USD seemed rather unaffected and held stead near the 1.3500.
The UK manufacturing and services sector activities showed mixed performance in December, the preliminary report from IHS Markit showed this Wednesday.
The seasonally adjusted IHS Markit/CIPS UK Manufacturing Purchasing Managers’ Index (PMI) jumped to a 37-month high level of 57.3 in December. The reading surpassed consensus estimates pointing to a modest uptick to 55.9 from 55.6 previous.
Meanwhile, the flash UK Services Business Activity Index for December remained in the contraction territory and came in at 49.9 versus November’s final reading of 47.6 and 50.5 expected.