The S&P Global UK Composite PMI registered 52.0 in September 2026, revised slightly up from the flash estimate of 51.7 but down from 52.5 in August, hitting a three-month low. The loss of momentum reflected weaker expansions in both services (52.1 vs. 52.5 in August) and manufacturing (51.9 vs. 51.7), though manufacturing output still rose for an 11th consecutive month.
Growth in new business slowed to a marginal pace, while outstanding work continued to decline, extending a downtrend that began in May 2023. On the price side, private sector input costs rose at the fastest rate since June, mainly driven by higher energy, fuel, and transport expenses, which in turn pushed output price inflation higher.
Employment posted a further slight decline despite generally positive expectations for future activity. Looking ahead, business confidence eased from August’s level but remained above the average seen in the second quarter.
