Economic activity in the UK's private sector expanded at a softer pace in September than in August, with the S&P Global Composite Purchasing Managers' Index (PMI) declining to 51 from 53.5. This reading came in worse than the market expectation of 52.7.
In this period, the Manufacturing PMI fell to 46.2 from 47, while the Services PMI edged lower to 51.9 from 54.2.
Commenting on the survey's findings, "September's flash UK PMI survey brought a litany of worrying news including weakening growth, slumping overseas trade, worsening business confidence and further steep job losses," said Chris Williamson, Chief Business Economist at S&P Global Market Intelligence.
Market reaction to UK PMI data
GBP/USD struggles to gain traction following the PMI data and trades marginally lower on the day, at around 1.3500.
Source: Fxstreet
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