Euro - Britische Pfund - Kurs (EUR - GBP)
23.09.2024 12:47:09
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UK Private Sector Activity Maintains Sustained Upturn
(RTTNews) - The UK private sector activity logged a further sustained growth in September despite easing since August, flash survey results published by S&P Global revealed on Monday.
The flash composite output index dropped to 52.9 in September from 53.8 in August. Nonetheless, a reading above 50.0 suggests expansion in the private sector.
This was the eleventh successive monthly expansion in the British private sector. However, output growth slowdowns in both manufacturing and services meant that the overall speed of recovery moderated for the first time since June.
The services business activity index stood at 52.8 in September, down from 53.7 in August. The expected score was 53.5.
The manufacturing Purchasing Managers' Index declined to a 3-month low of 51.5 from 52.5 in August. Economists expected a reading of 52.3.
New orders received by the British private sector remained robust in September, led by strengthening order books across the service economy.
Nevertheless, in both the manufacturing and service sectors, there were some reports of clients adopting a wait-and-see approach to decision-making ahead of the Autumn Budget, the survey revealed. New export orders rose only marginally as manufacturers received weak EU sales.
Manufacturing production expanded somewhat faster than service activity, but both sectors experienced a slower upturn than the previous month. Falling client confidence and inventory cuts hindered growth in September.
The rate of job creation in the private sector slowed further to the weakest since June amid difficulties of on-going business uncertainty and rising wages.
On the price front, input price inflation accelerated in September amid higher container shipping costs along with rising salary payments. In contrast, selling price inflation eased to the lowest since February 2021, reflecting a moderation in output charge inflation across the service economy.
Looking ahead, business activity expectations over the next twelve months remained upbeat in September on the back of improvements in broader economic conditions, the impact of softer inflationary pressures on customer demand, and long-term investment plans.