UK private-sector growth slowed down to its weakest pace in four months in April as businesses increased prices on the broadest level since the late 1990s.
- The services PMI dropped to 58.9 in April from 62.6 in March, falling to its lowest level since January when the economy was struggling from the Omicron wave of COVID cases, and business confidence plunged to an 18-month low.
- Andrew Harker, S&P Global economics director, stated that the twin headwinds of the cost of living and Russia’s invasion of Ukraine began to bite on the UK service sector during April.
- The composite PMI, which comprises Tuesday’s manufacturing PMI data, dropped to 58.2 from 60.9 as the output prices of the component jumped to their highest level since the series started in 1999.
Businesses have continued to increase staffing levels to meet increased demand at the slowest pace since January.
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Source: S&P Global