#pmi

#pmi

The monthly purchasing managers' index showed employment numbers fell more sharply in January compared with December, continuing a trend that started in October 2024. The PMI survey, which is considered to be one of the most reliable indicators of how a sector is performing, said this was the longest period of job shedding in the UK services sector in 16 years, with firms also choosing not to replace voluntary leavers.

Activity in the UK's construction sector shrank last month at the fastest pace since the pandemic, partly due to uncertainty ahead of the Budget, a closely watched survey has indicated. The research from S&P Global said November saw the steepest fall in output for five-and-a-half years, led by a downturn in infrastructure and housebuilding. It added that commercial construction also faced "severe headwinds" last month as concerns over possible Budget measures "pushed clients to defer investment decisions".

"The Russian manufacturing sector signalled a renewed deterioration in operating conditions during June," S&P Global wrote.