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UK Private Sector Output Drops to 3-Month Low on Inflation, Ukraine Conflict

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Private sector output in the United Kingdom slumped to a three-month low in April, dragged by the inflationary uptick and tensions between Russia and Ukraine.

Source: Markit Economics

EWU is down 1.01%, while FKU is down 0.37%.

The Flash UK PMI Composite Output Index fell to 57.6 in April from 57.6 in March. This is the lowest level since January, but the reading was above the 50.0 no-change threshold for the 14th straight month.

The indicator for business activity jumped to a three-month low of 62.6, manufacturing output climbed to a two-month high of 53.8, and the manufacturing purchasing managers’ index to a two-month high of 55.3.

Firms lost steam during the month, as escalating costs erased the boost in consumer spending as COVID-19 restrictions were eased. Companies also faced difficulties due to higher output charges.

Supplier lead times also climbed further, albeit at the smallest since October 2020, with bottlenecks recorded due to the tensions between Russia and Ukraine, along with the reimposed lockdowns in China.

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