UK Services PMI at lowest level since 2013 – TDS

FXStreet (Delhi) – Ned Rumpeltin, European Head of Currency Strategy at TD Securities, notes that the September UK Services PMI fell to 53.8 from August’s 55.6, versus our expectations of a decline to 54.8 and consensus of an increase to 56.0 which happens to be the weakest level since 2013, but it’s important to stress that the series still remains in significant expansion territory, and is consistent with an economy that is growing just slightly slower in the second half of 2015.

Key Quotes

“The report showed some hesitation in new orders relating to increased global economic uncertainty, with the business expectations index falling to the lowest level since mid-2014. Partly offsetting this, the employment index increased on the month.”