UK services growth slows in October as business uncertainty rises

The S&P Global UK Services PMI for October 2024 was revised slightly to 52 from a preliminary 51.8, though down from September's 52.4.

UK services growth slows in October as business uncertainty rises

This indicates that while UK service sector activity continued to grow, the pace slowed for the second consecutive month, hitting its lowest since November 2023. Businesses attributed the growth to improving domestic conditions, though some clients delayed spending due to uncertainty ahead of the Autumn Budget. New orders have grown slowly since June, but export sales have grown the fastest since March 2023.

UK employment drops as rising costs squeeze optimism

Employment dropped for the first time this year. Rising salaries continued to drive up input costs, prompting firms to increase prices further. Meanwhile, business optimism softened.