Latest data released by Markit - 1 February 2021

The preliminary report can be found here. Little change to the initial report as it reaffirms business conditions improving at its quickest rate in six months. Markit notes that:

"January's PMI results were emblematic of the current situation with COVID-19 as demand conditions began to improve amid expectations of a recovery, while output remained subdued because of ongoing restrictions designed to stem the spread of the virus. The first improvement in new orders for three months, coupled with the strongest expectations for the year ahead since April 2019, indicated that confidence is building. However, firms were unable to respond with increased production, causing backlogs to rise again.

"We can expect this pattern to continue for as long as the current restrictions remain in place, and as anticipation for a global economy recovery continues to build. Production growth will begin to follow as vaccination programmes become more widespread, giving governments the confidence to relax restrictions and firms the ability to operate closer to full capacity."