The UK composite purchasing managers’ index (PMI) which includes the two sectors. rose to a 16-month high of 52.4, up from 49.3 in December.
With reducing uncertainty, positive news from UK purchasing managers’ index (PMI) compiled by IHS Markit shows manufacturing and services saw their best month for more than a year in January. The IHS Markit/CIPS PMI for services showed the sector returning to growth for the first time since August 2019, rising to 52.9 from the previous month’s 50.0. Any score above 50 indicates expansion. Manufacturing continued to contract, but at a slower pace. Its PMI reading rose to 49.8 from December’s 47.5. With figures out this week also showing consumer confidence also up, experts are calling on the Bank of England to keep interest rates on hold.