UK business activity slides in September by most since early 2021

Britain's private-sector economy last month suffered the sharpest contraction in activity since a COVID lockdown early last year, underlining the challenge facing Prime Minister Liz Truss who on Wednesday emphasised her push for economic growth.

by | 5 Oct, 2022

The final version of the S&P Global UK Composite Purchasing Managers’ Index fell to 49.1 in September from 49.6 in August, the lowest reading since January 2021. Any reading below 50 means a contraction in activity.

While the reading was an improvement on a preliminary “flash” reading of 48.4, services companies that comprise the bulk of the private-sector economy were the least positive about the outlook since May 2020, early in the pandemic.

A trading update from Tesco (TSCO.L), Britain’s biggest retailer, added to the sense of unease hanging over the economy which is flirting with recession.

Read more at Reuters

More from Financial Accountant

How the UK’s rollback of banking regulations could risk another financial crisis

How the UK’s rollback of banking regulations could risk another financial crisis

Money laundering plays a key role in every part of the illegal drugs industry. Here’s how it works

Money laundering plays a key role in every part of the illegal drugs industry. Here’s how it works

‘I’ve never paid myself’: why the reality for female entrepreneurs doesn’t always match the rhetoric

‘I’ve never paid myself’: why the reality for female entrepreneurs doesn’t always match the rhetoric

Sustainability ideals are often crushed by corporate demands. Here’s how businesses can let them flourish

Sustainability ideals are often crushed by corporate demands. Here’s how businesses can let them flourish

‘I was left with nothing.’ Why apprentices are being pushed into the informal economy

‘I was left with nothing.’ Why apprentices are being pushed into the informal economy

In the struggle to get Britain working, the long shadow of austerity could be part of the problem

In the struggle to get Britain working, the long shadow of austerity could be part of the problem

Share This