Weakest rise in UK private sector output for six months 'reignites recession worries'

Flash UK Composite Output Index

UK private sector business activity grew at its slowest pace for six months in July, adding to recession fears.

The considerable slowdown in business activity growth across the UK private sector economy was largely due to flatlining new orders and sharply reduced backlogs of work, according to the S&P Global and CIPS Flash UK Composite Output Index. Survey respondents often commented on a headwind to business activity from rising interest rates, elevated inflation and greater caution among clients due to the uncertain economic outlook. Figures compiled for the seasonally adjusted index registered a measure of 50.7 in July. This was down from 52.8 in June and marks the lowest reading since Janua...