United Kingdom flash Services PMI expands slower-than-expected to 51.7 in September
The United Kingdom (UK) S&P Global Services Purchasing Managers' Index (PMI) expands at a moderate pace to 51.7 in September. The data was already anticipated to arrive lower at 52.0 from 52.5 in August.
The United Kingdom's Services Purchasing Managers Index (PMI) grew at a slower-than-expected rate to 51.7 in September. This figure was lower than the anticipated 52.0, which had decreased from 52.5 in August. The Composite PMI fell to 51.7 from 52.5 in August. The manufacturing sector showed continued strength, with the Manufacturing PMI rising to 52.0 from the previous 51.7.
Analysts noted a worrying combination of sluggish economic growth, intensifying inflationary pressures, subdued business confidence, and high costs discouraging hiring. Chris Williamson, Chief Business Economist at S&P Global Market Intelligence, commented on the situation. The British Pound (GBP) experienced a rebound after the data release, driven by a slight correction in the US Dollar Index (DXY) from its recent seven-week high.
However, the GBP/USD remained down by 0.27%, trading around 1.3307. The Services PMI, released monthly by S&P Global, serves as a leading indicator of business activity in the UK's services sector. A reading above 50 indicates expansion, while below 50 suggests contraction. Market reactions to the PMI release include fluctuations in AUD/USD, USD/JPY, and gold prices, as well as the upcoming Trump-Xi summit.
Written by urgent.news from FXStreet's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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