(News Bulletin 247) – Activity in the British private sector accelerated its growth in April, according to the latest PMI survey carried out by S&P Global and CIPS among purchasing managers.
The PMI services index stood at 54.9 this month in its preliminary version, after 52.9 in March, its best level for 12 months, while the consensus was for only 53 points.
By contrast, the S&P/CIPS manufacturing index continued to slide to 46.6 in April from 47.9 last month, showing a worsening contraction in the sector as economists hoped for a small lull.
The composite PMI index – which includes both services and the manufacturing sector – meanwhile reached a one-year high of 53.9 after 52.2 in March.
S&P Global specialists deduce that the British economy could experience ‘robust’ growth of around 0.4% during the quarter, thanks in particular to the slowdown in inflationary pressures.
Note that the term ‘recession’ is totally absent from their press release, whereas it still figured prominently in the information note published last month.
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