UK PMI Services was finalized at 48.8 in October, down from September’s 50.0. PMI Composite was finalized at 48.2, down from prior month’s 49.1. Both readings were the lowest levels since January 2021.
Tim Moore, Economics Director at S&P Global Market Intelligence:
“UK service providers reported the steepest drop in business activity for 21 months in October as household spending cutbacks and shrinking business investment combined to dent new order volumes…
“Stubbornly high inflation, increased borrowing costs and worries about the UK economic outlook all contributed to weaker business optimism in October… Aside from the slump at the start of the pandemic, the degree of confidence across the service economy is now the lowest since December 2008.”
