UK PMI Manufacturing ticked up from 55.2 to 55.3 in April, above expectation of 54.9. PMI Services dropped from 62.6 to 58.3, below expectation of 60.3. PMI Composite dropped from 60.9 to 57.6.
Chris Williamson, Chief Business Economist at S&P Global said: “The survey data signal a marked cooling in the pace of UK economic growth during April, caused by an abrupt slowing in demand… High prices and the associated rising cost of living were often cited as a principal cause of lower demand, with covid also continuing to affect many businesses. Brexit and transport delays were seen as having further impeded export sales, while the Ukraine war and Russian sanctions also led to lost overseas trade… Concerns over the worsening inflation picture are meanwhile flamed by another near-record leap in firms’ costs.”disruptions and rising interest rates.”
