The S&P Global flash UK composite PMI reports a continued downturn in the private sector for May, albeit at a slower rate than April. The PMI reading improved to 49.4, though still below the neutral 50 mark, indicating ongoing decline. Manufacturers particularly face aggressive job cuts due to increased national insurance and minimum wage costs. Despite some easing of US tariffs boosting confidence, overall sentiment for future growth remains subdued, prompting concerns about potential economic contraction in the second quarter.
The latest PMI indicates that the UK’s private sector is experiencing a slump, with job cuts in manufacturing due to rising costs and weak demand.
While PMI readings show a slight improvement over April, confidence remains fragile, with risks of economic contraction and aggressive job cuts still prevalent.
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