The UK private sector continued to improve in March, flash purchasing managers’ index survey results showed Thursday.
The headline seasonally adjusted S&P Global flash UK PMI composite output index edged down marginally to 52.9 points in March from 53.0 in February. The reading indicates a slight slowdown in growth, but it remains above the 50-point no-change mark separating growth from contraction.
The flash UK services PMI business activity index edged down to 53.4 points in March from 53.8 in February.
The flash UK manufacturing output index improved to a 13-month high of 50.2 points in March from 48.3 in February, meaning output swung back to growth. The flash UK manufacturing PMI rose to near-neutral 49.9 points in March from 47.5 in February.
Chris Williamson, chief business economist at S&P Global Market Intelligence, said: ‘A further robust expansion of business activity ended the economy’s best quarter since the second quarter of last year. The survey data are indicative of first quarter GDP rising 0.25% to thereby signal a reassuringly solid rebound from the technical recession seen in the second half of 2023.’
While noting an ‘encouraging’ broad-based expansion with a sustained increase in service sector activity, he added: ‘However, while recession worries have abated, inflation remains a concern. Stubbornly sticky service sector inflation has persisted into March, exacerbated by renewed inflation in the manufacturing sector.’
The composite PMI is compiled by S&P Global from responses to questionnaires sent to survey panels of around 650 manufacturers and 650 service providers in the UK. Responses were collected between March 12 and 19, with final March results to be published on April 2 for the manufacturing index and April 4 for services and composite indices.
Copyright 2024 Alliance News Ltd. All Rights Reserved.