UK PMI Services was finalized at 50.0 in September, down from August’s 50.9, weakest reading since February 2021. PMI Composite was finalized at 49.1, down from prior month’s 49.6, lowest since January 2021.
Tim Moore, Economics Director at S&P Global Market Intelligence: “September data highlighted an absence of growth in the UK service sector for the first time in 19 months as the energy crisis continued to hit business and consumer spending…. Service sector businesses trimmed their growth expectations to the lowest seen for nearly two-and-a-half years in September, which survey respondents linked to concerns about falling disposable income and the unfavourable global economic outlook.”
