The activity in the United Kingdom's private sector observed a slight improvement in October, as the Composite Purchasing Managers' Index (PMI), which calculates the results achieved in services and manufacturing sectors, rose from September's 48.5 to 48.7, remaining in the contraction territory, S&P and the Chartered Institute of Purchasing & Supply (CIPS) said in their final report published on Friday.
Meanwhile, the Services PMI Business Activity Index came in at 49.5, increasing from the previous month's 49.3. The document underscored that manufacturing weighed the Composite PMI down as production within the field declined. It also noted a drop in employment in the private sector.
"The challenges appearing over the horizon are maintaining a chokehold on firms preventing them from expanding their operations until the fog of indecision around where the opportunities lie in the coming months lifts," CIPS Chief Economist Dr John Glen commented.
