Is the recovery running out of steam?

The sharp decline in the manufacturing PMI and smaller fall in the services PMI in September has led some to question the durability of the UK’s economic recovery. There is little reason to be worried at this stage, though. For one, the broader range of survey evidence suggests that the manufacturing sector’s slowdown should prove to be short lived. In addition, the forward-looking components of the CIPS/Markit services survey point to further robust growth in the months ahead.