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10/5/2022, 10:30 AM (Source: TeleTrader)
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UK services sector activity stagnates in September

United Kingdom Services PMI Business Activity Index stood at 50 in September, decreasing by 0.9 index points compared to the month prior, S&P Global and Chartered Institute of Procurement & Supply (CIPS) said in a report on Wednesday. The September 2022 reading was the lowest since February 2021, when coronavirus-caused lockdowns were still in place.

New orders fell for the first time in over a year and a half, export sales declined, while employment rose in September 2022, albeit at the weakest pace since March 2021. S&P Global Market Intelligence Economics Director Tim Moore warned about "severe pressure on budgets in the wake of rising inflation, alongside deepening worries about the economic outlook," as well as "wage pressures due to shortages of candidates to fill vacancies."

Meanwhile, the UK Composite PMI was down 0.5 index points from August to land at 49.1 in September, the worst figure since January 2021.

Baha Breaking News (BBN) / MS