The UK's composite PMI for March was slightly lower than expected, and the central bank may maintain a wait-and-see attitude
According to reports from CEBM Group, the UK's composite PMI fell from 53.0 last month to 52.9 in March, below the market expectation of 53.1. Nevertheless, the index has been above 50 for the fifth consecutive month, indicating that the UK is expected to emerge from the shallow recession it experienced in the second half of last year. However, stubborn price pressures may prompt the Bank of England to adopt a wait-and-see approach towards interest rates. The services PMI dropped to 53.4, hitting a three-month low with declines in both employment and new orders indices. The manufacturing PMI rose to 49.9, but input costs reached a one-year high and selling prices increased at their fastest pace since May.
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