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12/5/2023, 10:31 AM (Source: TeleTrader)
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UK's private sector back to growth in November

Private sector activity in the United Kingdom improved in November, S&P Global said in its release on Tuesday. The Composite Purchasing Managers' Index (PMI) crossed over the no-change line for the first time since July, going from 48.7 in October to 50.7 in November. The Services Business Activity Index was up from 49.5 in October to 50.9 in November, with both indexes exceeding expectations.

The report noted that manufacturing production continued to fall, although at the weakest pace since April. Employment in the private sector stabilized, with staffing increasing in the service sector and job losses continuing in manufacturing. Factory gate prices were unchanged in manufacturing but reached a four-month high in services. "Despite tentative signs of a turnaround in new orders, survey respondents once again commented on a lack of willingness to spend among clients. Many firms noted that low levels of business and consumer confidence, alongside elevated borrowing costs, had constrained sales opportunities in November," Economics Director at S&P Global Tim Moore said.

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