UK services PMI falls for the third month in December

The S&P Global/CIPS UK Services Purchasing Managers’ Index (PMI) rose to 49.9 in December, its highest reading since September (48.8 in November). The PMI index remains below the 50 mark, suggesting that UK services sector activity continued to contract in December, for the third month in a row.

The PMI was impacted by still high inflation, which prompted consumers to reduce their spending. By contrast, employment in the corporate sector remained stable. Business confidence increased compared with November.

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