IHS Markit and CIPS have announced the addition of the UK to its series of Flash PMIs.
The Headline Flash UK Composite Output Index, a GDP-weighted average of the Flash UK Manufacturing Output Index and the Flash UK Services Business Activity Index will be published monthly, approximately one week before final PMI data is released worldwide, making the Flash PMI the earliest available indicator of private sector business conditions in the UK.
The Flash PMI will be directly comparable with the other flash indices IHS Markit publishes for the US, the Eurozone, Japan, and Australia.
Luke Thompson, Managing Director for Economic Indices at IHS Markit, said: “The UK PMIs have been long established as amongst the most timely and accurate high-frequency indicators of the UK economy, and are an important component of the Bank of England’s assessment of business conditions.”
“The new Flash UK PMI’s will provide that same accuracy and reliability on an even timelier basis, enabling faster decision making and the ability to contextualise the UK’s performance on a global basis one week prior to the end of each month.”
Duncan Brock, Group Director at CIPS, said: “In a fast-paced business environment, access to agile, timely data is the difference between a missed opportunity and a successful outcome.”
“With challenges in the UK economy on the horizon, and Brexit still unresolved, there has never been a greater need for a snapshot of activity in UK business to make more informed decisions.”