UK PMI Manufacturing dropped from 58.1 to 57.6 in December, matched expectations. PMI Services dropped sharply from 58.5 to 53.2, well below expectation of 57.5, a 10-month low. PMI Composite dropped from 57.6 to 53.2, also a 10-month low.
Chris Williamson, Chief Business Economist at IHS Markit, said: “The flash PMI data show the UK economy being hit once again by COVID-19, with growth slowing sharply at the end of the year led by a steep drop in spending on services by households. Some brighter news came through from manufacturing, where an easing of supply chain delays helped lift production growth, but more importantly also helped take some upward pressure off prices to hint at a peaking of inflation.”
