UK Output Weakness Adds to BOE's Challenge0907 GMT - The Bank of England will have a tough decision to make at its next policy meeting after business activity unexpectedly slumped in August, says Rhys Herbert, senior economist at Lloyds Bank. The composite purchasing managers' index was dragged by worse-than-expected output in goods and services, and last month's retail sales suggest further weakness in the coming months, Herbert says in a note. The sluggish output is accompanied by difficulties in recruiting that lead to wage growth, he notes. "The Bank of England will need to consider [this] carefully in its next decision for interest rates," he says. (joshua.kirby@wsj.com; @joshualeokirby)COMPANIES NEWS:Reckitt Benckiser CFO to Retire; Shannon Eisenhardt Tapped as ReplacementReckitt Benckiser Group said Chief Financial Officer Jeff Carr will step down on March 31, and that Shannon Eisenhardt will take up the role on Oct. 17.

Source: Wall Street Journal August 23, 2023 09:30 UTC