UK PMI Manufacturing dropped to 53.3 in October, down from 54.1, above expectation of 53.1. PMI Services dropped to 52.3, down from 56.1, missed expectation of 54.0. PMI Composite dropped to 52.9, down from 56.5, a 4-month low.
Chris Williamson, Chief Business Economist at IHS Markit, said: “The slower growth of output, the renewed fall in demand and further deterioration in the labour market suggest the economy started the fourth quarter on a weakened footing. While Brexit preparations may cause a short-term boost to some parts of the economy ahead of 31st December, rising COVID-19 cases and the imposition of local lockdown measures bode ill for the near-term economic outlook. While the fourth quarter still looks likely to see the economy expand, the rate of growth looks to have slowed sharply and the risk of a renewed downturn has risen.”
