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3 Oct 2013
UK heading towards its fastest growth since the crisis
FXstreet.com (London) - Today’s PMI figures showed that UK manufacturing remains consistently strong, with September PMI falling less than expected after a strong August print.
The seasonally-adjusted Markit/CIPS Services Purchasing Managers Index fell slightly to 60.3 in September, from a reading of 60.5 in August. The consensus expectation was for a fall to 60.0.
Markit chief economist, Chris Williamson, commented: “The buoyant data follow similar upbeat surveys of the manufacturing and construction sectors, and collectively the surveys suggest the economy will have expanded by as much as 1.2 percent in the third quarter; its fastest growth rate since the pre-crisis days of 2007.”
UK manufacturing PMI remains near to its highest levels since December 2006 and comes as part of a run of consistently strong UK macro data.
In Europe, Markit's Eurozone PMI rose to 52.2 in September from August's 50.7, a minor upward revision from the 52.1 preliminary print.
GBP/USD climbed to USD1.6241 to test 9 month highs before selling off to USD1.6193.
The seasonally-adjusted Markit/CIPS Services Purchasing Managers Index fell slightly to 60.3 in September, from a reading of 60.5 in August. The consensus expectation was for a fall to 60.0.
Markit chief economist, Chris Williamson, commented: “The buoyant data follow similar upbeat surveys of the manufacturing and construction sectors, and collectively the surveys suggest the economy will have expanded by as much as 1.2 percent in the third quarter; its fastest growth rate since the pre-crisis days of 2007.”
UK manufacturing PMI remains near to its highest levels since December 2006 and comes as part of a run of consistently strong UK macro data.
In Europe, Markit's Eurozone PMI rose to 52.2 in September from August's 50.7, a minor upward revision from the 52.1 preliminary print.
GBP/USD climbed to USD1.6241 to test 9 month highs before selling off to USD1.6193.