UK business activity strongest since June, led by travel, leisure and entertainment21 Feb 2022 10:01
The UK economy bounced back in February, with business activity the strongest since last June, led by a recovery in consumer spending on travel, leisure and entertainment, the latest snapshot from IHS Markit shows. It said services firms benefited from a loosening of pandemic measures.
Its composite PMI index, which comprises manufacturing and services activity, jumped to 60.2 from 54.2 in January, marking an eight-month high.
The closely watched PMI surveys also showed high inflation persisted in February, as higher wages, energy bills and raw material costs all contributed to firms’ rising operating expenses. Markit said:
The overall rate of input cost inflation was the steepest since last November and the second-highest since the index began in January 1998. This resulted in another sharp increase in average prices charged by private sector firms, although the latest rise was softer than at the start of the year.
Flash UK Composite Output Index February: 60.2, 8-month high (January final: 54.2)
Flash UK Services Business Activity Index February: 60.8, 8-month high (January final: 54.1)
Flash UK Manufacturing Output Index February: 56.7, 7-month high (January final: 54.5) Flash UK Manufacturing PMI February: 57.3, unchanged (January final: 57.3)
https://www.google.com/amp/s/amp.theguardian.com/business/live/2022/feb/21/rouble-recovers-hopes-biden-putin-talks-flash-pmi-surveys-focus-business-live