UK private sector activity softens slightly in December - Breaking The News
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UK private sector activity softens slightly in December

Economy
Christian Baha / RR

1 min read

UNSPLASH/ROBERT_BYE

Private sector activity in the United Kingdom slowed in December, S&P Global and the Chartered Institute of Purchasing & Supply (CIPS) shared in the report on Monday.

The Composite Output Index contracted by 0.1 index points compared to the November reading, landing at 50.4 in December. On the other hand, the Services PMI Business Activity Index rose by 0.3 index points to 51.1. The report highlighted mounting challenges for the services sector, including hiring freezes and the non-replacement of leavers due to rising payroll costs.

"The service sector ended last year with only a marginal upturn in business activity and a near-stalling of incoming new work," S&P Global Market Intelligence Economics Director Tim Moore explained. "A post-Budget slump in business optimism persisted in December, with output growth expectations for the year ahead unchanged from November's 23-month low."

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