UK private sector output experienced a significant boost in March, with the Composite Output Index reaching 52.0, the highest in six months, due to growth in the services sector. Despite this, manufacturing output declined, reaching a low not seen in over a year and a half. The report indicated that employment in the private sector fell for the sixth consecutive month due to restructuring and rising costs. This duality in the economic landscape presents a mixed outlook for the upcoming Spring Statement.
The latest report highlights a notable increase in the UK services sector, pushing the Composite Output Index to a six-month high, benefiting the government's outlook ahead of the Spring Statement.
Manufacturers are facing challenges, with the steepest downturn in production for almost 1.5 years and a significant drop in export sales, reflecting a difficult global economic backdrop.
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