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- UK output growth slows further in September - IHS Markit / CIPS
UK output growth slows further in September - IHS Markit / CIPS
According to the report from IHS Markit/CIPS, the latest PMI data signalled a further loss of growth momentum in the UK private sector at the end of the third quarter. Rates of expansion in both output and new orders were each the weakest in the respective seven-month sequences of growth. The rate of job creation remained elevated, however, driven by strong hiring at service providers. Meanwhile, inflationary pressures showed little sign of abating, with input costs up sharply again and charges raised to the greatest extent on record.
The headline seasonally adjusted UK Composite Output Index was at 54.1 in September, below August's reading of 54.8 and down for the fourth month in a row from May's series record. The latest figure also signalled the softest pace of expansion since the private sector returned to growth in March. Although both monitored sectors saw rates of expansion ease, the slowdown was more pronounced in manufacturing where production rose only modestly amid severe supply-chain disruption and signs of demand softening.
Business confidence eased to an eight-month low during September, but nonetheless remained above the series average as companies expressed optimism around the 12-month outlook.
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