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    Home » UK Economy Bounces Back Despite Supply Chain Bottlenecks
    Indices News

    UK Economy Bounces Back Despite Supply Chain Bottlenecks

    October 22, 20211 Min Read
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    pound GBP coin and gold money. Fluctuating graph on red background. Rate of the pound sterling (shallow DOF)
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    The UK economic recovery has regained its pace in October that also pointed to supply shortages hampering manufacturing growth and cost inflation hitting a new high.

    • The purchasing managers’ index posted by IHS Markit and the Chartered Institute of Procurement and Supply expanded to a 3-month high of 56.8 in October, up from 54.9 in the last month.
    • Chris Williamson, the chief business economist at IHS Markit, stated that the UK economy “picked up speed again” in October.
    • The pace of job creation across was in August’s record high, even though survey respondents had challenges finding suitable candidates to fill vacancies.
    • Higher wages and deteriorating supply shortages contributed to a rapid increase in input cost inflation.
    • The PMI increase was attributable to the services sector, which accounts for nearly 80% of the economy, whereby the index grew to a 3-month high of 58.

    Companies reported bullish business and consumer spending due to the easing of pandemic restrictions. But, Williamson cautioned that growth in services “looks prone to a plunge.

    FTSE 100 up +0.58%, GBP USD down -0.04%

    Source: IHS Markit

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