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Data from FMP. Forecasts by Sigmanomics Forecast Engine.
United KingdomUnited Kingdom S&P Global/CIPS Composite PMI climbed to 53.3 in January 2024
FMPMonthlyReleased February 2024
United Kingdom S&P Global/CIPS Composite PMI climbed to 53.3 in January 2024, released February 2024, up 0.4 from December's 52.9 reading. The reading matched the 52.9 consensus.
Latest Release
53.300000
Actual
52.900000
Consensus
52.900000
Previous
Median Absolute Error
±0.39
across last 12 releases
Last Call
Feb 2024
Predicted: 53.15
Actual: 53.3
Error: -0.15
Sigmacast Σ-direction model: consensus + ½ × mean(surprise, trailing 90d).
CORRELATED SYMBOLS— markets that historically move with this indicator
| Symbol | Direction | Correlation | Asset Class | Co-movement | Action |
|---|---|---|---|---|---|
| GBP/USD | ▲ Direct | +0.50 | FOREX | Moves with | → View |
| EUR/GBP | ▼ Inverse | −0.45 | FOREX | Moves against | → View |
| GBP/JPY | ▲ Direct | +0.40 | FOREX | Moves with | → View |
| FTSE 100 | ▲ Direct | +0.35 | INDEX | Moves with | → View |
| XAU/USD | ▼ Inverse | −0.30 | COMMODITIES | Moves against | → View |
Correlation based on 12-month rolling window. Click any symbol to view its Sigmanomics forecast page.
THE RELEASE
S&P Global/CIPS Composite PMI (United Kingdom) was reported at 53.30 in January 2024. This beat the market consensus of 52.90 by 0.40. The reading rose from the previous value of 52.90. This is classified as a medium-impact indicator released on a monthly basis.
WHY IT MATTERS
The indicator has been trending upward over the last three releases. The trailing three releases averaged 52.90, up from the prior three at 51.50.
THE MODEL'S TAKE
Historically, this indicator is positively correlated with GBP/USD (Bullish GBP). A secondary relationship exists with EUR/GBP, negatively correlated (Bearish EUR). Over the last 12 releases, the Sigmacast model's median absolute error is 0.39.
Auto-generated from current model state · Refreshes on each release · Last update February 2024.
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S&P Global/CIPS Composite PMI - UK
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About S&P Global/CIPS Composite PMI — United Kingdom
DEFINITION
The S&P Global/CIPS Composite PMI is a widely recognized financial indicator that measures the overall economic health of a country by tracking the performance of both the manufacturing and services sectors. It provides valuable insights into the current state and future outlook of the economy, making it a crucial tool for investors, businesses, and policymakers. With its comprehensive and timely data, the S&P Global/CIPS Composite PMI is a key resource for making informed decisions in the global marketplace.
WHY THIS INDICATOR MATTERS
Sentiment surveys are forward-looking inputs that often lead hard data on output and hiring. Sharp swings can drive cross-asset repricing. Surprises against consensus can drive short-term moves, particularly when the print breaks an established trend. Released monthly.
WHAT CHANGED THIS MONTH
Latest reading (Feb 2024): actual 53.3, consensus 52.9. Prior reading (Jan 2024): 52.9. Before that (Jan 2024): 52.5.
WHAT'S NEXT
Sigmacast's 1-month forecast points to a similar reading versus the latest print, with the 3-month outlook reinforcing that direction. Both horizons are aligned bullish for this indicator, suggesting a consistent trend signal. Trend-driven dynamics are the primary tailwind in the current projection. This indicator correlates most strongly with GBP/USD (Bullish GBP, r=0.50) — a useful reference for forex-focused traders.
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EXPECTED ZONE
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