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[PMI Rebound Does Not Equal Strengthening: UK Economy Between "Relief" and "Slow Growth"] ⑴ At dawn on December 17th, Beijing time, the UK's preliminary December CIPS/S&P Global Composite PMI came in at 52.1, higher than the expected 51.6 and November's 51.2, indicating a temporary recovery in business activity. ⑵ The manufacturing PMI also rebounded to 51.2, significantly better than the market expectation of 50.4, reaching a 15-month high and becoming the most prominent improvement in this round of data. ⑶ This is also the first comprehensive economic signal from UK businesses after the release of the fiscal budget at the end of November, when market concerns about potential tax increases had significantly suppressed confidence. ⑷ The survey shows that the easing of uncertainty itself was a boosting factor, with new orders growing at their fastest pace since October last year, and overseas new business rebounding for the first time after 13 consecutive months of decline. ⑸ The recovery in demand led to a slight increase in backlogged orders, the first time in nearly three years, reflecting that frictions still exist in the supply-side response to improved demand. (6) However, judging from the overall picture, the economic growth rate implied by the PMI in the fourth quarter was only about 0.1%, and the overall level is still below the long-term average. The recovery is more of a "stopping the decline" than an "acceleration." (7) Structural differentiation remains obvious. Expansion is mainly concentrated in the technology and financial services sectors, while the growth momentum of other industries is weak, and some sectors are still in contraction territory. (8) Cost pressures have resurfaced, with input prices, including labor, rising faster for the second consecutive month. Business charges also rebounded after hitting multi-year lows in November. (9) Employment indicators remain cautious, with companies continuing to cut jobs to offset the pressure from rising labor costs, indicating that the recovery in confidence has not yet translated into hiring decisions. (10) Against the backdrop of coexisting inflationary pressures and weak growth, the Bank of England's policy path still faces a trade-off. Improved data provides room for maneuver, but is insufficient to completely change the cautious tone.