The UK’s private sector growth slowed down in April as inflation and Russia’s invasion of Ukraine continued to hurt output.
- The flash S&P Global/CIPS composite purchasing managers’ index fell to 57.6 in April from 60.9 in March.
- April figures signaled a much weaker speed of recovery across the UK economy due to the slowest increase in new orders in 2022.
- The flash services PMI dropped to a three-month low of 58.3 points in April from 62.6 in March, as the manufacturing PMI increased slightly to 55.3 from 55.2.
- Chris Williamson, a chief business economist at S&P Global, stated that survey data shows cooling in the rate of UK economic growth during April attributable to an abrupt slowing in demand.
Manufacturing output growth bounced back in April after reaching a five-month low in March.
FTSE 100 down -0.93%, GBP USD down -1.26%
Source: S&P Global
TWTR: #FTSE #GBPUSD
ST: $FTSE $GBPUSD