"September's flash UK PMI survey brought a litany of worrying news including weakening growth, slumping overseas trade, worsening business confidence and further steep job losses. The only good news is perhaps that, just as the Bank of England grows increasingly worried about persistently elevated inflation, the PMI indicated that price pressures have moderated in September. With the weakening of business activity growth to a rate consistent with the economy almost stalling,"
"The PMI shows a reading of 51.0 for September which is the weakest score since May. and around 50,000 job losses being signalled by the PMI again in the three months to September, alarm bells should be ringing that the economy is faltering, which could help shift the policy debate at the Bank of England back towards a more dovish stance."
The S&P Global flash UK composite PMI fell to 51.0 in September, the weakest reading since May. The survey signalled weakening private-sector growth, slumping overseas trade, worsening business confidence and further steep job losses. The PMI again indicated around 50,000 jobs lost in the three months to September. Price pressures moderated in September despite ongoing concerns about persistently elevated inflation. The combination of near-stalling activity and continued job losses could prompt a shift in the Bank of England's policy debate toward a more dovish stance.
Read at London Business News | Londonlovesbusiness.com
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