Financial News: UK Private Sector Growth Strengthens In July

UK Private Sector Growth Strengthens In July

07/24/2024 - 06:58:00 (RTTNews)

(RTTNews) - The UK private sector activity expanded at a faster pace in July, underpinned by robust demand and strengthening business confidence, flash survey results published by S&P Global revealed on Wednesday.

The flash composite output index rose to a 2-month high of 52.7 in July from 52.3 in June. The score was forecast to rise to 52.6.

A reading above 50.0 suggests expansion in the private sector.

During July, service activity growth accelerated slightly, while manufacturing output rose to the strongest degree since February 2022, the survey said.

The services business activity index stood at 52.4 versus 52.1 in June, just below the expected score of 52.5.

The manufacturing Purchasing Managers' Index climbed to a 2-year high of 51.8 I July from 50.9 in June.

New orders received by the British private sector grew at the sharpest pace in fifteen months due to an improvement in market confidence and the securing of new contracts. Export demand was also strong in July, with new export orders rising at the fastest rate in sixteen months.

Firms raised their staffing numbers at the steepest pace in just over a year, which was more evident in the services firms as job numbers at manufacturing firms were stable in July.

On the price front, input price inflation eased to the lowest level since early 2021. As a result, selling prices rose at the weakest rate in three years. Nonetheless, the rate of inflation was still above its long-run trend.

Private sector companies showed a bounce back in business confidence in July after dipping to a 6-month low in June. The rise in confidence was attributed to expectations of improving demand conditions, stronger business investment, interest rate cuts, and political stability.

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