–UK Aug CIPS/Markit Services PMI 51.3 Vs July 53.1
–UK Aug CIPS/Markit Composite PMI Output Index 53.2
–UK Aug CIPS/Markit Composite PMI Sees Largest Fall Since Nov 2008
LONDON (MNI) – The UK August service sector Purchasing Managers’
Index showed the rate of growth slowing sharply, following similar
deceleration in manufacturing and construction, leading to the month’s
composite UK output PMI posting its sharpest fall since November 2008.
The August PMI data suggest UK growth in the third quarter slowed
very sharply from the second. Markit said its PMI-based model indicated
third quarter growth could be just 0.5% on the quarter, compared with
1.2% in the second.
Markit warned that the Q3 growth outturn would be even lower than
0.5% “if the PMI output indices fall further in September, which seems
likely given the recent trends in new orders, employment and business
confidence.”
The composite output PMI came in at an average 53.2 for the first
two months of Q3, compared to an average 56.5 in the first half of the
year, with the composite August reading falling 1.8 points on the month.
Markit noted that the August PMIs showed a downturn in the UK
labour market.
It said: “job losses were most widespread in the service sector,
followed by construction. Manufacturers continued to take on new staff,
but at the slowest rate in the past five months.”
The August services PMI came in at 51.3, down from 53.1 in July,
its lowest reading since April 2009.
–London newsroom 0044 207 862 7491; email: drobinson@marketnews.com
[TOPICS: M$B$$$,M$BDS$,MT$$$$,MABDS$]
