Private sector activity in the United Kingdom improved marginally in January, with the growth rate rising to a three-month high, the S&P Global and the Chartered Institute of Purchasing & Supply (CIPS) said on Friday.
The preliminary PMI Composite Output Index, which takes into account the accumulated performance in services and manufacturing sectors, came in at 50.9 at the start of the year, going up by 0.5 index points compared to the month before. Flash UK Services PMI Business Activity Index landed at 51.2 in January. The Manufacturing PMI indicator came in above market forecasts at 48.2 in January, climbing to the highest level in three months.
"The subdued business activity seen in January was accompanied by sustained downbeat business optimism about future prospects," S&P Global Market Intelligence Chief Business Economist Chris Williamson said. "The loss of confidence, combined with widespread concerns over higher staff costs associated with the Budget, pushed employment sharply lower again," he added.
