FX.co ★ UK Private Sector Economic Activity Revised Higher

The S&P Global UK Composite PMI dipped to 51.2 in November 2025, down from 52.2 in October. Despite an upward revision from the preliminary figure of 50.5, it remained below the initial market projection of 51.8. This marks the seventh straight month of growth in the UK's private sector, although the pace has slowed. The services sector's expansion decelerated to 51.3 from 52.3 in October, while the manufacturing sector experienced growth for the first time in 14 months, rising to 50.2 from 49.7. However, there was a slight decrease in overall new orders during the period. As demand waned, companies were prompted to reduce employment at the most significant rate since February, reflecting ongoing pessimism as managers highlighted increased labor expenses attributed to National Insurance contributions. Consequently, while input costs rose in November, the combination of maintained competitiveness and weaker consumer demand caused output charge inflation to drop to its lowest point since December 2020.