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UK: Upside surprise in Services PMI – TDS

Analysts at TD Securities note that the UK’s Services PMI surprised to the upside for the month of December, rising nearly a point to 51.2.

Key Quotes

“Firms noted that Brexit concerns weighed on business-to-business sales in the month, and that consumer demand remained subdued. Markit estimates that the Q4 PMIs suggest growth of just 0.1% q/q in the quarter, confirming near-stagnation in the UK economy, though we note that our own models point to growth perhaps a tick higher.”

“Consumer borrowing figures were also released for November, and point to the slowest consumer credit growth since March 2015 (though still at a relatively healthy 7.1% y/y pace), while mortgage approvals fell a sharp 4.5% m/m.”

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