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(Alliance News) – The UK private sector fell further into decline in September, preliminary figures on Friday showed.
The latest S&P Global/CIPS flash composite purchasing managers’ index fell to 48.4 points in September, from August’s final figure of 49.6. The PMI fell further below the 50.0 neutral mark, suggesting the decline deepened in September.
“Though modest, the rate of contraction was the quickest seen since January 2021, with businesses often commenting on the negative impacts of high costs and a weaker economic outlook on client spending and output,” S&P Global said.
“Employment remained a bright spot, which continued to rise strongly overall in September, despite the rate of job creation being unchanged from August’s 17-month low. However, signs of spare capacity became increasingly apparent, with backlogs of work falling at a quicker pace.”
The flash services PMI fell to a 20-month low of 49.2 points in September from 50.9 in August.
The flash manufacturing PMI hit a two-month high but remained in negative territory. The flash PMI rose to 48.5 in September, from 47.3 in August.
Input and output cost inflation calmed but remained “steep”, S&P Global.
The S&P Global survey is sent to a panel of 650 manufacturing and services firms, with results collected in the second half of the month. Final manufacturing survey results will be published on October 3, before the composite and services readings two days later.
By Eric Cunha; [email protected]
Copyright 2022 Alliance News Limited. All Rights Reserved.
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TOP NEWS: UK private sector falls at fastest pace since January 2021 – Morningstar
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