August 2018 UK Markit/CIPS services PMI 5 September 2018
- Prior 53.5
- Employment 52.5 vs 50.9 prior. Highest since Feb
- Markit says UK GDP on track for 0.4% q/q in Q3
- Stronger rises in business activity and new work
- Input cost inflation accelerates, led by fuel prices and wage pressures
- Optimism towards the year-ahead business outlook at lowest level since March
“Faster service sector order book and employment growth also offset slowdowns of both in the manufacturing and construction sectors, but also highlights the extent to which the economy has become more reliant on services to support growth, and in particular an especially strong financial service sector. Financial services have outperformed all other sectors so far this year. “Business expectations for the year aheadmeanwhile sank markedly lower, down across all three sectors to one of the lowest levels seen since the EU referendum, largely reflecting increased anxiety over Brexit negotiations.” Said Chris Williamson at Markit.
That could help GBPUSD find another base down here but there’s bigger drivers at play at the moment and we’re still in the mdist of the Brexit mess. It’s notable, the comments on the outlook. GBPUSD has come off a new low at 1.2805 to 1.2820.