Analysts at TD Securities point out that the UK services PMI disappointed with a reading of 50.4, down from 52.2 and is the lowest level since July 2016, or one month after the Brexit vote.
Key Quotes
“Details show a slowing in new orders and employment growth, while business optimism weakened to its lowest since July 2016, largely linked to Brexit uncertainty which is impacting investment decisions and the ability to find skilled labor.”
“Despite the pickup in the manufacturing and construction PMIs, the Nov PMI composite slowed to 51.0, the slowest pace since July 2016. This paints a subdued backdrop heading into 2019, but Brexit uncertainty appears to be the main culprit.”
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