09:30 AM BST, United Kingdom - PMI Data for October:
- S&P Global Services PMI: actual 51.1; forecast 51.0; previous 50.8;
- S&P Global Manufacturing PMI: actual 49.6; forecast 46.6; previous 46.2;
- S&P Global Composite PMI: actual 51.1; forecast 50.6; previous 50.1;
The UK private sector gained modest momentum in October, with the Composite PMI rising to 51.1 (from 50.1), signaling a second month of mild growth. The services PMI edged up to 51.1, while manufacturing output expanded for the first time in a year, with the Manufacturing PMI improving to 49.6 — a 12-month high. Growth was driven by stronger domestic demand and restocking, partly offset by weak exports due to U.S. tariffs and soft global demand. Job losses slowed, and input cost inflation fell to an 11-month low, helped by cheaper raw materials and a stronger pound, though wage and utility costs stayed elevated. Output price inflation also eased to its weakest since June. According to S&P Global’s Chris Williamson, the data suggest the economy may have reached a low point in September, but overall growth remains sluggish—around 0.1% GDP—as firms remain cautious ahead of the November Budget and confidence, while improving, stays below historical norms.
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