Latest data released by Markit/CIPS - 5 September 2018
- Prior 53.5
- Composite PMI 54.2 vs 54.0 expected
- Prior 53.6; revised to 53.5
A decent beat there on the headline readings, and the pound recovers a little. Cable up to 1.2822 now from 1.2809 earlier.
Looking at the details, the employment component was one of the heavy lifters as it rose from 50.9 in July to 52.5 in August - the highest level since February this year. Apart from that, there isn't too much else to shout about but it is a decent print nonetheless. According to Markit, UK GDP is set to grow by 0.4% q/q based off this release.
That should allow the BOE to breathe some sighs of relief following their rate hike last month. However, it's not anything to suggest that we will see more rate hikes to come soon just yet either.
