United Kingdom Composite PMI

The S&P Global UK Composite PMI fell to 49.9 in November of 2024 from 51.8 in October, well below market expectations of 51.8 to mark the first decline in the UK private sector activity one year, according to preliminary data. The unexpected contraction was in line with lower economic activity across major economies in mainland Europe, challenging the view that activity had somewhat gained traction in the environment of restrictive interest rates. The lower momentum was more pronounced for manufacturers (48.6 vs 49.9 in October), although service providers unexpectedly refrained from expanding (50 vs 52). New business growth was the softest pace seen this year as firms reported muted demand conditions, while backlogs continued to be depleted. In turn, input prices rose sharply, driving companies to plan capacity with caution and reduce their workforces. Looking forward, surveyees expressed concern for their outlook.