The S&P Global UK Composite PMI rose to 49.4 in May of 2025 from 48.5 in April, aligned with market expectations of 49.3 to reflect the second consecutive contraction in private-sector activity, according to a flash estimate.
Activity declined manufacturing (45.1 vs 45.4 in April), reflecting the sharpest drop in 19 months, and offsetting a marginal rebound for service providers (50.2 vs 49). New orders declined the most in two-and-a-half years, as clients cut back non-essential spending due to the increase in global economic uncertainty, stemmed by the threat of aggressive tariffs from the US.
In the meantime, firms noted a sharp increase in cost pressures amid higher labor costs, utility bills, shipping costs, and technology services, although the weaker dollar absorbed some of the cost increases.
The combination of higher labor costs and poor consumer demand drove firms to continue cutting employment, with factories noting the sharpest pace of job shedding in five years.
Source: Trading Economics
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