The UK economy showed signs of slower growth in September as the S&P Global/CIPS UK Composite PMI fell to 52.9, down from 53.8 in August. The latest data, published on 23 September 2024, indicate a slight cool off in economic activity.
The Composite PMI is a crucial barometer of overall economic health, encompassing both the manufacturing and services sectors. Despite the decline, a PMI above 50 still denotes expansion, suggesting that while growth has decelerated, the economy continues to expand, albeit at a more modest pace.
Analysts attribute the slowdown to various factors including heightened economic uncertainties and tightening financial conditions. The data will likely inform monetary policy and business decisions in the coming months as stakeholders assess the broader economic outlook amid evolving market dynamics.