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Financial News: UK Private Sector Growth Slowest In 11 Months

UK Private Sector Growth Slowest In 11 Months

10/24/2024 - 05:25:00 (RTTNews)

(RTTNews) - The UK private sector activity expanded at the weakest pace in almost a year in October due to weak demand conditions amid heightened economic uncertainty, flash survey results published by S&P Global revealed on Thursday.

The flash composite output index dropped to 51.7 in October from 52.6 in September. Nonetheless, a reading above 50.0 suggests expansion in the private sector. The score was expected to remain stable at 52.6.

The latest reading signaled a modest upturn in the private sector output.

Service providers recorded a slightly faster pace of business activity expansion than manufacturing firms in October, but in each sector there was a loss of momentum since September, the survey said.

The services business activity index dropped to an 11-month low of 51.8 in October from 52.4 in August. The expected score was 52.3.

The manufacturing Purchasing Managers' Index declined to a 6-month low of 50.3 from 51.5 in September. Economists expected a reading of 51.5.

New orders grew at the weakest pace in four months due to the impact of a wait-and-see approach from clients. Resilient demand in the service economy contrasted with an outright decline in new work received by manufacturing firms.

Total private sector employment showed a renewed decline in October as excess capacity, cost pressures, and general concerns about the business outlook all acted as a brake on staff hiring.

On the price front, input price inflation eased to a 47-month low in October amid decreased fuel costs and some instances of falling commodity prices. As a result, selling price inflation accelerated.

Looking ahead, output expectations over the year ahead eased, and the overall degree of confidence was the lowest since November 2023. Weaker growth projections were seen in both the manufacturing and service sectors due to heightened political uncertainty at home and abroad.

"Encouragingly, however, a further cooling of input cost inflation to the lowest for four years opens the door for the Bank of England to take a more aggressive stance towards lowering interest rates, should the current slowdown become more entrenched," Chris Williamson, Chief Business Economist at S&P Global Market Intelligence, said.

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