UK business activity expands in March - Breaking The News
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UK business activity expands in March

Economy
Christian Baha / SM

1 min read

EPA-EFE/ANDY RAIN

The private sector activity in the United Kingdom expanded in March, according to a preliminary report by S&P Global published on Monday. The composite Purchasing Managers' Index (PMI) rose by 1.5 points from the previous month to 52, reaching a six-month high, mainly due to a 2.2-point increase in the services PMI, which grew to 53.2 to reach a seven-month high. Meanwhile, the manufacturing PMI decreased by 2.3 points from February to stand at 44.6, hitting a 17-month low.

"An upturn in business activity in March brings some good news for the government ahead of the [UK] Chancellor [Rachel Reeves]'s Spring Statement, offering a respite from the recent flow of predominantly downbeat economic data. However, just as one swallow does not a summer make, one good PMI doesn't signal a recovery," S&P Global Market Intelligence Chief Business Economist Chris Williamson stated.

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