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UK: New work declines for first time since October 2023
S&P Global UK Services PMI® data signalled a sustained expansion of business activity. However, incoming new work declined in January and the pace of job shedding accelerated to its sharpest for four years. At the same time, greater payroll costs meant that input price pressures continued to intensify at the start of 2025. The overall rate of cost inflation was the highest for nine months, which resulted in a robust and accelerated rise in average prices charged by service sector firms. Adjusted for seasonal influences, the headline S&P Global UK Services PMI® Business Activity Index registered 50.8 in January, ... (full story)