Steeper downturn in service sector activity weighs on UK economy

From pmi.spglobal.com

September data pointed to a reduction in UK private sector output for the second month running. Moreover, the rate of decline accelerated to its fastest since January 2021. The loss of momentum reflected a steeper drop in service sector activity than seen during August, which more than offset a slower decrease in manufacturing production. Input price inflation meanwhile saw its largest monthly fall so far in 2023, despite widespread reports citing pressure on costs from higher fuel bills. A combination of weak demand and lower cost inflation contributed to the slowest increase in average prices charged by private ... (full story)