At 49.0 in April, down from 52.5 in March, the headline seasonally adjusted S&P Global UK Services PMI® Business Activity Index was the lowest since January 2023. The latest reading signalled a marginal decline in overall output, which contrasted with modest growth in the first quarter of 2025.
The seasonally adjusted S&P Global UK PMI Composite Output Index registered 48.5 in April, down from 51.5 in March and below the 50.0 no-change value for the first time in one-anda-half years. That said, the latest reading signalled only a modest pace of contraction. Subdued order books continued to weigh on business activity, with total new work falling at the sharpest rate since November 2022. This was driven by a steep and accelerated reduction in export sales. Input price inflation meanwhile hit a 26-month high in April, largely reflecting the impact of rising payroll costs (higher staff wages and National Insurance contributions).
The seasonally adjusted S&P Global UK PMI Composite Output Index registered 48.5 in April, down from 51.5 in March and below the 50.0 no-change value for the first time in one-anda-half years. That said, the latest reading signalled only a modest pace of contraction. Subdued order books continued to weigh on business activity, with total new work falling at the sharpest rate since November 2022. This was driven by a steep and accelerated reduction in export sales. Input price inflation meanwhile hit a 26-month high in April, largely reflecting the impact of rising payroll costs (higher staff wages and National Insurance contributions).
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