UK PMI Manufacturing rose from 45.3 to 46.7 in January, above expectation of 45.4. However, PMI Services dropped from 49.9 to 48.0, below expectation of 49.6, hitting a 24-month low. PMI Composite dropped from 49.0 to 47.8, a 24-month low too.
Chris Williamson, Chief Business Economist at S&P Global Market Intelligence said: “Weaker than expected PMI numbers in January underscore the risk of the UK slipping into recession… There were some bright spots in the survey, including improved business expectations for the year ahead and a further cooling of inflationary pressures. The overall rate of decline indicated also remains only modest. But this is undeniably a disappointing start to the year for the UK.”
