Commenting on this morning’s UK PMI data, Melanie Baker, Senior Economist at Royal London Asset Management said:
“The flash PMI for November looks consistent with steady activity growth, but worsening business optimism.
“Cost pressures appear to have picked up yet again amid continued supply chain difficulties. However, this time there was a hint of a margin squeeze in the UK with the survey compilers noting that some service providers were seeing greater resistance to higher selling prices among customers.
“What this set of data means for prospects of a December Bank of England rate rise in interest rates is less straightforward than it might have been; December remains a close call.
The views expressed are those of the author at the date of publication unless otherwise indicated, which are subject to change, and is not investment advice.