UK PMI Manufacturing rose to 54.9 in February, up from 54.1, above expectation of 54.0. PMI Services rose to 49.7, up from 39.5, above expectation of 40.5. PMI Composite rose to 49.8, up from 41.2.
Chris Williamson, Chief Business Economist at IHS Markit, said: “The UK economy showed welcome signs of steadying in February after the severe slump seen in January… In contrast, the manufacturing sector’s performance worsened amid escalating Brexit-related export losses and supply chain disruptions…
“More encouragingly, although the data hint at a renewed contraction of the economy in the first quarter, business expectations for the year ahead improved to the highest for almost seven years, suggesting the economy is poised for recovery. Confidence continued to be lifted by hopes that the vaccine roll-out will allow virus related restrictions to ease, outweighing concerns among many other firms of the potential further damaging impact of Brexit-related trading issues.”
