British businesses last month suffered the sharpest contraction in activity since early last year, although the downturn was a little less severe than first estimated, a survey showed on Wednesday.
The final version of the S&P Global UK Composite Purchasing Managers' Index fell to 49.1 in September from 49.6 in August, the lowest reading since January 2021 when much of the country was still in a COVID-19 lockdown.Register now for FREE unlimited access to Reuters.comWhile the reading was an improvement on a preliminary "flash" reading of 48.
"Service sector businesses trimmed their growth expectations to the lowest seen for nearly two-and-a-half years in September, which survey respondents linked to concerns about falling disposable income and the unfavourable global economic outlook," said Tim Moore, economics director at S&P Global Market Intelligence.
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