UK private sector output contracted in November, signaling reduced business activity and new orders.

The UK's private sector output contracted in November for the first time in over a year, as indicated by a drop in the S&P Global flash UK composite PMI to 49.9 from 51.8 in October. The decline signals a reduction in business activity and new orders, with employment cuts reported for the second consecutive month. The planned tax increases, particularly in employers' National Insurance Contributions, have contributed to lower business confidence and economic pessimism.

November 22, 2024
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