FX.co ★ UK Private Economic Activity Slows

The S&P Global UK Composite PMI dipped to 50.5 in November 2025, down from 52.2 in October, notably falling short of the market's anticipated 51.8. This drop indicates a significant deceleration in the economic activities of the UK's private sector. The services sector, which has been propelling UK growth this year, experienced a marked slowdown, with its activity index dropping to 50.5 from 52.3 in October. In contrast, the manufacturing sector saw an unexpected recovery, with its index rising to 50.2 from 49.2, marking its first rebound in 14 months. November saw a slight decrease in total new business, exacerbated by a continuing decline in export orders. This lower demand for capacity led to a notable decrease in employment levels, the steepest in four months, as companies were reluctant to replace staff due to weak consumer demand and political uncertainty. Concurrently, input inflation rose, driven by increasing wages and material costs, although the increase in output charges was less pronounced. Looking forward, business confidence has tempered from last month’s peak over the past year.