Prior 54.2
Manufacturing PMI 46.2 vs 47.1 expected
Prior 47.0
Composite PMI 51.0 vs 53.0 expected
Prior 53.5

Key Findings:

Private sector output expands at slowest pace since May

Comment:

Chris Williamson, Chief Business Economist at S&P
Global Market Intelligence:

“September’s flash UK PMI survey brought a litany of
worrying news including weakening growth, slumping
overseas trade, worsening business confidence and
further steep job losses.

“The only good news is perhaps that, just as the Bank of
England grows increasingly worried about persistently
elevated inflation, the PMI indicated that price pressures
have moderated in September. Companies reported one
of the smallest increases in prices charged for goods
and services seen since the pandemic.

“With the weakening of business activity growth to a rate
consistent with the economy almost stalling, and around
50,000 job losses being signalled by the PMI again in
the three months to September, alarm bells should be
ringing that the economy is faltering, which could help
shift the policy debate at the Bank of England back
towards a more dovish stance.

“However, amid talk of further tax rises being needed
in the Budget later this year, it’s not surprising to see
that business expectations have worsened again in
September, and in the absence of an improvement in
confidence, it’s unlikely that the economy will make any
strong gains in the months ahead irrespective of the
outlook for interest rates.”

UK Composite PMI