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Market Update: UK Private Sector Activity Continued to Expand at Strong Rate
The IHS Markit/CIPS UK Composite PMI was slightly down to 61.7 in June 2021, compared with May’s record reading of 62.9 but still pointing to one of the strongest monthly improvements in business activity across the private sector since 1998. Marked increases in output were seen across both the manufacturing and service sectors as the economy continued to reopen following the COVID-19 lockdown earlier in the year. New orders continued to surge and the rate of job creation quickened to the strongest in the series history. On the price front, input costs and output charges hit all-time highs as supply-chain disruption fueled price pressures. Looking ahead, companies remained confident that output will increase over the next 12 months as the recovery from the COVID-19 pandemic continues. source: Markit Economics [/s2If]
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