Commenting on this morning’s UK PMI data, Melanie Baker, senior economist at Royal London Asset Management said:
“Despite continued lockdown, the UK PMI composite jumped – the improvement driven by both services and manufacturing.
“The improvement in the employment PMI was particularly welcome given how weak this part of the PMI survey has been for so long. The successful vaccine rollout will likely helps explain the further pick up in business optimism too.
“However, gains in business sentiment do look very vulnerable to any set-backs in the government’s ‘roadmap’ out of lockdown. There were indications in the survey that higher levels of activity were partly driven by businesses already stepping up preparations for the loosening of social distancing restrictions.”
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 £148 billion of assets and employs 121 investment professionals as at 31 December 2020. 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 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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