According to a flash estimate, the S&P Global UK Composite PMI remained steady at 50.5 in December 2024, unchanged from November and close to market expectations 50.7.
UK PMI steady at 50.5, confidence falls
This result, holding at a one-year low, marked the 14th consecutive month of expansion in UK private-sector activity. Growth in the services sector (51.4, up from 50.4 in November) offset a further contraction in manufacturing (47.3, up from 48), which reached its highest level in nearly a year. However, total new orders declined for the first time in 13 months, raising concerns about future consumer spending.
UK job cuts surge as confidence hits 2-year low
Additionally, job cuts accelerated to their fastest pace since the global financial crisis, excluding the pandemic, amid worries over reduced employment following payroll tax increases in the UK’s new budget. Higher wages also drove cost inflation across most sectors. Looking ahead, business confidence dropped to its lowest level in two years.
