TD Securities analysts point out that while they had initially been looking for the UK’s services PMI to hold onto last month’s gains and come in unchanged at 51.0, after the disappointing outcomes for both manufacturing and construction indices they’ve revised their forecast lower and now look for the services PMI to fall to 49.5 (mkt: 51.0).
Key Quotes
“The main issue weighing on the manufacturing and construction PMIs was political and economic uncertainty, with both Brexit and a new Conservative party leader and prime minister on the horizon. We find it unlikely that the services PMI would be immune to the uncertainty.”
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