UK PMI Manufacturing rose to 53.6 in July, up from 50.1, well above expectation of 51.0. That’s also a 16-month high. PMI Services rose to 56.6, up from 47.1, above expectation of 51.0. That’s the highest level in 60 months. PMI Composite rose to 57.1, up from 47.7, a 61-month high.
Chris Williamson, Chief Business Economist at IHS Markit, said: “The UK economy started the third quarter on a strong footing as business continued to reopen doors after the COVID-19 lockdown… However, while the recession looks to have been brief, the scars are likely to be deep. Even with the July rebound there’s a long way to go before the output lost to the pandemic is regained and, while businesses grew more optimistic about the year ahead, a V-shaped recovery is by no means assured…. July’s PMI represents a step in the right direction, but there is a mountain still to climb before a sustainable recovery is in sight.”
