UK Final Services PMI revised down to 58.5 in November

• UK Final Services PMI downwardly revised to 58.5 in November.
• GBP/USD’s rebound remains capped below 1.33 on the UK data.
• Eyes on US NFP, ISM Services PMI ahead of the December Fed decision.

The UK services sector activity expanded less than expected in November, the final report from IHS Markit confirmed this Friday. 

The seasonally adjusted IHS Markit/CIPS UK Services Purchasing Managers’ Index (PMI) was revised lower to 58.5 in November versus 58.6 expected and a 58.6 – last month’s flash reading.

Key points

Tim Moore, Economics Director at IHS Markit, which compiles the survey

“Surging price pressures have done little to dent business and consumer spending across the UK economy, according to the latest PMI data. New order growth hit a five-month high in November, job creation remained strong, and backlogs of work built up due to supply issues.”

"The overall speed of recovery looks to have accelerated in comparison to the third quarter of 2021, with output growth mostly driven by services as manufacturers struggle with severe shortages of raw materials and critical components.”

FX implications

GBP/USD is fading its rebound on the downbeat UK data. The spot is trading at 1.3283, down 0.18% on the day.