UK S&P Global Composite PMI improves to 53.1 in October vs. 51.8 expected
The private sector's business activity in the United Kingdom (UK) expanded at its fastest pace in eight months in October, with the S&P Global Composite Purchasing Managers' Index (PMI) rising to 53.1 from 52 in October. This reading came in better than the market expectation of 51.8.
In this period, the Manufacturing PMI rose to 52.8 from 51.9, while the Services PMI improved to 53.1 from 52.1. Both of these prints surpassed analysts' estimates.
Commenting on the report's findings, "the UK economy has picked up momentum in October, with early PMI data indicating the strongest rate of growth since February," said Chris Williamson, Chief Business Economist at S&P Global Market Intelligence. "This encouraging sign of economic resilience is underscored by firms taking on additional workers for the first time since hiring was hit by the 2024 Autumn Budget," Williamson added.
Market reaction to UK PMI data
Despite the upbeat PMI data, GBP/USD struggles to gain traction and trades at around 1.3380, losing about 0.1% on the day.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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