• Services PMI 53.2 vs 50.9 expected vs. 51.0 prior
• Manufacturing PMI 44.6 vs 46.4 expected vs. 46.9
  prior
• Composite PMI 52.0 vs 50.3 expected and 50.5 prior.

Key findings:

• Flash UK PMI Composite Output Index at 6-month high.
• Flash UK Services PMI Business Activity Index at 7-month high.
• Flash UK Manufacturing Output Index at 17-month low.
• Flash UK Manufacturing PMI at 18-
  month low.

Comment:

Commenting on the flash PMI data, Chris Williamson,
Chief Business Economist at S&P Global Market
Intelligence said:

“An upturn in business activity in March brings some
good news for the government ahead of the Chancellor’s
Spring Statement, offering a respite from the recent flow
of predominantly downbeat economic data. However,
just as one swallow does not a summer make, one good
PMI doesn’t signal a recovery.

“The signal from the flash PMI is an economy eking out a
modest expansion in March, consistent with quarterly
GDP growth of just 0.1%, but with employment
continuing to be cut thanks to concern over costs and
the uncertain outlook. Confidence is still running close to
January’s two-year low.

“The improvement is also being driven by only small
pockets of growth, notably in financial services, with
consumer-facing business and manufacturers
continuing to struggle against headwinds both at home
and abroad.

“These headwinds include the additional costs imposed
on businesses in the Budget, low confidence among
businesses and households, and sluggish demand at
home and abroad, the latter linked to heightened
geopolitical uncertainty resulting from US tariff policies.

“Worryingly, these headwinds are likely to grow in force
as higher National Insurance contributions come into
effect in April, coinciding with the anticipated review of
US tariff policy on 2nd April, the latter having the
potential to further subdue global economic growth and
dampen UK trade.”