The S&P Global flash UK composite purchasing managers’ index (PMI) reported a reading of 51 in July, sliding from a nine-month high of 52 reported in June. Any score above 50.0 indicates that activity is growing while any score below means it is contracting. Firms linked job cuts to higher labour costs in last autumn’s budget from Chancellor Rachel Reeves (Anthony Devlin/PA)It was also weaker than expected by economists, who had predicted a reading of 51.8 for the month. Surveyed firms reported a drop in overall new work from the private sector, slipping to its weakest level for three months. Lower levels of new work contributed to another drop in employment, with the survey showing the fastest rate of “job shedding” since February, with job cuts across the manufacturing and service sectors.

Source: The Times July 24, 2025 15:59 UTC