Posted Oct 5, 2022, 11:18 AM
LONDON, Oct 5 (Reuters) – Britain’s private sector activity in September suffered its sharpest contraction since the start of last year although the decline was slightly less steep than initially estimated, final results showed on Wednesday. from S&P Global’s monthly survey of purchasing managers.
The composite PMI, which brings together the services and manufacturing sectors, fell to 49.1 from 49.6 in August, the lowest since January 2021, when most of the UK was still subject to containment measures.
A figure below 50 reflects a contraction in activity.
While the final figure is a little better than the first estimate, which put it at 48.4, the survey shows that private business optimism is at its lowest since May 2020.
The PMI for the services sector alone fell to 50.0 from 50.9 in August.
New orders, whether from the UK market or from abroad, fell in September, with companies blaming Brexit and the deterioration of the global economy, as well as the drop in consumer confidence, which reduce their spending .
Inflationary pressures remain close to the all-time high recorded in May. (Reportage Andy Bruce, French version Marc Angrand, edited by Jean-Stéphane Brosse)