23.04.202608:50:46UTC+00UK Composite PMI Unexpectedly Rebounds

The S&P Global UK Composite PMI rose to 52.0 in April 2026 from 50.3 in March, significantly exceeding market expectations of 49.8 and signaling renewed strength in UK private-sector output. The improvement in momentum was evident in both manufacturing (51.8 vs. 49.2 in March) and services (52.0 vs. 50.5), underscoring the economy’s notable resilience to macroeconomic headwinds stemming from the war in Iran, particularly the sharp rise in energy and power prices.

Overall new orders and activity were broadly stable, as moderate growth among goods producers offset a slight decline in the services sector. However, the outlook for manufacturers weakened, with survey respondents reporting that many clients were bringing orders forward in anticipation of future war-related supply disruptions.

Employment fell for the 19th consecutive month, with firms citing higher National Insurance contributions as a key factor behind staff reductions. At the same time, input costs for service providers jumped at the fastest pace on record, pushing overall output charge inflation to its highest level since June 2022.