UK PMI: Economy climbs to 16-month high
Saturday, 01 25 2020, Category: Economy, Country: United Kingdom
The UK economy has returned to growth in January, according to a flash Purchasing Managers’ Index (PMI) reading, hitting a 16-month high as the Bank of England weighs up whether or not to cut UK interest rates.
The flash IHS Markit / CIPS composite PMI reading for the UK hit 52.4 in January, up from 49.3 in December. Any figure under 50 indicates a contraction, while any over 50 represents growth.
The composite reading exceeded expectations, and the strong performance is likely to stave off the prospect of an imminent rate cut by the BoE when its monetary policy committee (MPC) meets later this month.