04/23/2024 – 7:11
The UK's composite Purchasing Managers' Index (PMI), which encompasses the industrial and services sectors, rose from 52.8 in March to 54 in April, reaching the highest level in 11 months, according to data preliminary releases released this Tuesday, 23rd, by S&P Global in partnership with CIPS.
The result surprised analysts consulted by FactSet, who predicted a slight drop in the composite PMI this month, to 52.5.
Only the UK services PMI increased from 53.1 to 54.9 in the same period, also reaching the highest level in 11 months and surpassing the FactSet forecast, which was a marginal drop at 53.
The British manufacturing PMI, on the other hand, fell from 50.3 in March to 48 in April. In this case, the FactSet consensus was for a slight reduction to 50.2.
Readings above the 50 mark indicate economic expansion and readings below 50 suggest contraction.
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