In October 2024, the UK private sector experienced moderate growth, though the pace of expansion slowed for the second consecutive month, reaching its lowest level since November 2023.
In October 2024, the UK private sector experienced moderate growth, though the pace of expansion slowed for the second consecutive month, reaching its lowest level since November 2023. According to recent data, economic uncertainty is impacting business decisions, with clients delaying their commitments. Survey respondents cited these delays as a key factor contributing to the slowdown.
Employment figures were notably weak, as staffing levels in the private sector decreased for the first time this year, raising concerns about labor market stability. Additionally, private sector firms saw a sharp rise in average prices, with inflation reaching its highest point in three months. Despite this, the cost pressures facing businesses have eased, with price increases occurring at the slowest pace since November 2020.
The S&P Global Flash UK PMI Composite Output Index, which tracks private sector performance, fell to 51.7 in October, down from 52.6 in September. This decline represents the lowest level in 11 months, signaling only modest growth in the sector as economic challenges continue to weigh on business confidence.
Source: S&P Global
Renewed expectations for further Federal Reserve tightening kept the dollar supported as policymakers continued to warn about persistent inflation risks.
Fed, BOJ Hikes Lift Dollar as Oil Falls (21 – 25 September)Global markets entered the week balancing tighter monetary policy against signs of easing Middle East energy risks. The Federal Reserve remains the main macro driver after raising rates to 3.75%–4.00%, its first hike since 2023, and signaling that another increase remains possible this year. The Dollar Index advanced to 100.4, while Treasury yields remained elevated. The Bank of Japan also tightened policy, raising rates to 1.25%, although dissent within the board suggested that future increases could come at a slower pace.
Detail Falling Oil Prices Support Metals (09.21.2026)Easing oil prices offered some relief to financial markets as renewed diplomatic efforts in the Middle East reduced immediate inflation concerns.
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