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Financial News: UK Private Sector Contracts In December

UK Private Sector Contracts In December

01/06/2020 - 04:52:00 (RTTNews)

(RTTNews) - The UK private sector contracted in December but at a slightly slower-than-initially estimated rate, final data from IHS Markit showed Monday.

The final IHS Markit/Chartered Institute of Procurement & Supply composite output index held steady at 49.3 in December. The latest reading was the joint-lowest since July 2016. However, the score was above the flash 48.5.

The services Purchasing Managers' Index improved to the neutral 50.0 from 49.3 a month ago. The flash reading was 49.0. The stabilization of service sector output was helped by a return to improving order books.

Any improvement in the sector's fortune is of course welcome, but this small improvement to the no change mark means stagnation is also a possibility, Duncan Brock, group director at the Chartered Institute of Procurement & Supply, said.

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