British Private Sector Economy Expands in December –PMI
The UK private sector economy marked its second month in the expansion zone in December 2023, solely thanks to solid growth in business activity among service providers, S&P Global said Thursday.
The final S&P Global/CIPS UK Composite PMI climbed to 52.1 from 50.7, above the flash estimate of 51.7. It marks the index’s highest level since June 2023.
For the services sector, the final PMI clocked in at 53.4, up from the prior 50.9 and the flash reading of 52.7. The UK’s consumer credit increased by 2.01 billion pounds sterling in November 2023, up from a revised 1.41 billion pounds in the prior month, the Bank of England said Thursday. Naira Lost 11% as Banks Issue New Update on FX Spending
Analysts expected a figure of 1.4 billion pounds for the month. Mortgage lending fell by 39 million pounds, against the revised decline of 83 million pounds earlier.
Meanwhile, mortgage approvals rose to 50,067 from the revised 47,888, surpassing the analyst estimate of 48,500.
Britain’s M4 money supply declined by 0.1% month over month in November 2023, following a 0.3% growth in the previous month, the Bank of England said Thursday.
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