Stagnation signals from the PMIs

23 August 2022  
1 min read

Commenting on today’s PMIs, Melanie Baker, senior economist at Royal London Asset Management, said:

“The UK composite PMI moved closer to levels associated with falls in economic activity. Cost-of-living pressures are likely weighing on new business and manufacturing firms are being hit by a mix of supply and demand constraints.

“A UK recession continues to look likely in my view around the turn of the year, especially as households struggle under the burden of substantially higher energy bills. Fiscal policy though, still has the potential to alter the probability of a downturn.”

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About Royal London Asset Management (RLAM):

Established in 1988, Royal London Asset Management (RLAM) is one of the UK's leading fund management companies, providing investment management solutions to both wholesale and institutional clients such as not-for-profit organisations, local authorities and the insurance sector.

RLAM manages £150 billion of assets as at 30 June 2022. It invests in all major asset classes including UK and overseas equities, government bonds, investment grade and high yield corporate bonds, property and cash.

For professional clients only, not suitable for retail investors.

Issued August 2022 by Royal London Asset Management Limited, registered in England and Wales number 2244297; authorised and regulated by the Financial Conduct Authority. Registered Office: 55 Gracechurch Street, London, EC3V 0RL.

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