LONDON (Reuters) – British private sector activity recorded an unexpected decline in October, shows the monthly survey from S&P Global/CIPCIPS published on Wednesday.
The final purchasing managers’ index (PMI) for the manufacturing sector fell to 44.8 last month from an earlier estimate of 45.2.
The 50 mark separates growth and contraction in activity.
Economists polled by Reuters had forecast a stable index of 45.2 in October.
“Difficult and uncertain market conditions have prompted manufacturers and their customers to exercise greater caution,” said S&P Global, which conducted the survey.
Domestic and foreign customers reduced their orders, manufacturers cut staff and the sector’s optimism indicator fell to its lowest level of the year.
Factory and retail prices, on the other hand, fell, suggesting a further slowdown in inflation in the United Kingdom.
The data was released as the Bank of England is expected to reaffirm on Thursday its intention to keep interest rates high, despite signs of an economic slowdown.
(Written by William Schomberg, Diana Mandiá)
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