UK PMI Manufacturing dropped slightly to 54.3 in September, down form 55.2, above expectation of 54.0. PMI services dropped to 55.1, down form 58.8, missed expectation of 56.0. PMI Composite dropped to 55.7, down form 59.1.
Chris Williamson, Chief Business Economist at IHS Markit, said: “The UK economy lost some of its bounce in September, as the initial rebound from Covid-19 lockdowns showed signs of fading… It was not surprising to see that the slowdown was especially acute in services… Encouragingly, robust growth in manufacturing, business services and financial services has offset weakness in consumer-facing sectors, meaning the overall rate of expansion remained comfortably above the survey’s long-run average, which adds to expectations that the third quarter will see a solid rebound in GDP from the collapse seen in the second quarter.
