PMI Date Alert24 Jan 2022 09:37
Key data
Flash UK Composite Output Index
January: 53.4, 11-month low (December final: 53.6)
Flash UK Services Business Activity Index
January: 53.3, 11-month low (December final: 53.6)
Flash UK Manufacturing Output Index
January: 53.8, 5-month high (December final: 53.6)
Flash UK Manufacturing PMI
January: 56.9, 11-month low (December final: 57.9)
Chris Williamson, Chief Business Economist at IHS Markit, said:
“A resilient rate of economic growth in the UK during January masks wide variations across different sectors. Consumer- facing businesses have been hit hard by Omicron and manufactures have reported a further worrying weakening of order book growth, but other business sectors have remained encouragingly robust.
"Looking ahead, while the Omicron wave meant the hospitality sector has sunk into a third steep downturn, these restrictions are now easing, meaning this downturn should be brief. Many business and financial services companies have meanwhile been far less affected by Omicron, and saw business growth accelerate at the start of the year.
"Business confidence in the outlook also picked up, driving sustained solid jobs growth. With inflationary pressures remaining elevated at near-record levels, this all adds to the likelihood of the Bank of England hiking interest rates again at its upcoming meeting.”
https://www.markiteconomics.com/Public/Home/PressRelease/0140ace85cfc4f48a4748080468dc73a