Agency comments on UK PMI data: Multiple negative

Aihucha News, September 22: Data show that UK private sector output fell for the second consecutive month. The loss of momentum reflects a sharper decline in services sector activity than in August, which more than offset a slowdown in manufacturing production production. Manufacturing output continued to decline at a faster rate than services output, but the gap narrowed significantly in September. The sluggish business and consumer demand has been attributed to rising economic uncertainty, rising interest rates and restrictions on non-essential spending. Services companies also said another decline in export orders had a negative impact on sales. Lower demand and fewer supply chain bottlenecks allowed businesses to reduce backlogs in September.