FX.co ★ UK Services PMI Revised Lower

The S&P Global UK Services PMI for March 2025 has been adjusted downward to 52.5, from an earlier estimate of 53.2, marking the highest level since August 2024. This period saw a boost in business activity, attributed to a modest recovery in new projects and export orders. However, employment figures continued to underperform, with workforce numbers declining for the sixth consecutive month, driven by escalating payroll expenses. Despite new business accelerating at its quickest rate since November, companies continued to grapple with challenges posed by tight household budgets and geopolitical uncertainties. On a positive note, input price inflation decreased to its lowest in three months, resulting in the most subdued rise in service charges since December 2024.