UK business activity buoyed by staycations, hot weather and World Cup
Originally from The Evening Standard. Read the original article on the publisher’s site.
The recent heatwave, the World Cup and staycations by holidaymakers helped UK business activity bounce back to surprise growth this month.
Goods producers saw production levels rise for the fourth consecutive month to take growth to its strongest level September 2024.
Firms linked the rise to “generally improving” market conditions and a rise in new orders.
Elsewhere, the influential service sector also returned to growth, striking a three-month high of 51.8.
Surveyed companies said they saw stronger demand as the World Cup helped to boost activity in the hospitality sector, with fans going to pubs to watch matches.
There were however still reports that “elevated uncertainty” linked to the conflict in the Middle East had impacted some consumer confidence, while parts of the sector were also affected by hot weather.
July’s data also highlighted another moderation input price inflation, as cost pressures eased in the manufacturing and service sectors.
Thomas Pugh, chief economist at RSM UK, said: “The sharp rebound in the flash PMI suggests the economy received a timely boost from World Cup fever, good weather and lower fuel prices in July.
“Combined with rising consumer confidence and stronger retail sales, it suggests households and businesses have taken the first phase of the Iran war remarkably well.”
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