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Financial News: UK Private Sector Growth Slows Sharply In December

UK Private Sector Growth Slows Sharply In December

12/16/2021 - 06:56:00 (RTTNews)

(RTTNews) - The UK private sector posted a sharp slowdown in December amid tighter pandemic restrictions and renewed business uncertainty, flash survey results from IHS Markit showed on Thursday.

The flash Chartered Institute of Procurement & Supply composite output index fell more-than-expected to 53.2 in December from 57.6 in November. The expected score was 56.4.

The index has registered in growth territory during each month since lockdown measures were lifted in March, but the latest reading was the weakest over this period.

The services Purchasing Managers' Index came in at a 10-month low of 53.2, down from 58.5 in the previous month and economists' forecast of 57.0.

The manufacturing PMI slid to a three-month low of 57.6 in December, in line with expectations, from 58.1 in the prior month.

"With COVID-19 infections set to rise further in coming weeks due to the spread of the Omicron variant, and more restrictions being introduced, the pace of economic growth looks likely to continue to weaken as we head into 2022," Chris Williamson, chief business economist at IHS Markit, said.

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