UK August services PMI 50.6 vs 51.0 expected

Author: Justin Low | Category: News

Latest data released by Markit/CIPS - 4 September 2019

  • Prior 51.4
  • Composite PMI 50.2 vs 50.5 expected
  • Prior 50.7
Weaker-than-expected figures here as the rebound in July proves to be rather short-lived with services business expectations slipping to 59.9 in August, the lowest since July 2016.

Markit also notes that based on current observations, the UK economy is expected to contract by 0.1% q/q in Q3 - which would mark a recession. Cable isn't much changed following the release here, sitting at 1.2145 from around 1.2150 from before the data.

It's still all about Brexit developments now but in the bigger picture, any prolonged Brexit uncertainty will continue to damage the UK economy as seen above so that won't be a good thing for the pound if you're looking to factor in any extension.

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