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    Home » UK Business Activity Jumped To 8-Month High as Economy Rebounded from Omicron Scare
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    UK Business Activity Jumped To 8-Month High as Economy Rebounded from Omicron Scare

    February 21, 20221 Min Read
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    Businessperson resist down arrow charts from crisis Omicron Covid-19 coronavirus new. Overcoming effect to global economic. isometric vector illustration.
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    The UK economy rebounded in February, with business activity the strong since last June attributable to a recovery in consumer spending on travel, leisure and entertainment.

    • The headline composite PMI index, which measures manufacturing and services activity, rose to 60.2 from 54.2 in January, signaling an eight-month high.  
    • The survey also indicated high inflation continued in February, as higher wages, energy bills and raw material costs also led to firms’ increasing operating expenses.
    • Chris Williamson, chief business economist at Markit stated that the odds of an increasingly aggressive policy tightening have reduced, with the third consecutive rate hike looking highly likely in March.
    • The output growth in the service economy topped the growth in the manufacturing sector as the supply chain issues signaled signs of easing.

    February data signaled a sharp bounce back in service sector activity after a soft slump around the turn of the year due to Omicron variant restrictions on consumer services.

    FTSE 100 up +0.19%, GBP USD up +0.42%

    Source: IHS Markit.

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