UK PMI Manufacturing rose to 55.3 in August, up from 53.3, beat expectation of 53.6. That’s the highest level in 30 months. PMI Services jumped to 60.1, up from 56.5, above expectation of 57.0, a 72-month high. PMI Composite rose to 60.3, up from 567.0, a 82-month high.
Tim Moore, Economics Director at IHS Markit, said: “August’s data illustrates that the recovery has gained speed across both the manufacturing and service sectors since July. The combined expansion of UK private sector output was the fastest for almost seven years, following sharp improvements in business and consumer spending from the lows seen in April…. Positive signals for the recovery of course need to be considered in the context of UK GDP shrinking by around one-fifth during the second quarter of the year. Survey respondents often noted that it could take more than a year to return output to pre-pandemic levels and there were widespread concerns that the honeymoon period for growth may begin to fade through the autumn months.”
