The S&P Global flash UK composite purchasing managers’ index dropped to 49.9 in November (PA)Activity across the UK’s private sector contracted in the first weeks of November, amid a slump in business optimism and in the period following the Budget. The S&P Global flash UK composite purchasing managers’ index (PMI) reported a reading of 49.9 for November, down from 51.8 in October and a 13-month low. It came in behind expectations of economists, who had pencilled in a reading of 51.8 for the latest survey. “Businesses have reported falling output for the first time in just over a year while employment has now been cut for two consecutive months. “Companies are giving a clear ‘thumbs down’ to the policies announced in the Budget, especially the planned increase in employers’ national insurance contributions.”

Source: Express November 22, 2024 10:05 UTC