The UK S&P Global Composite PMI fell to 51 in September of 2025 from the one-year high of 53.5 in the previous month, missing the market consensus of 53 to reflect the slowest pace of expansion in private sector activity since May, according to a flash estimate. The slowdown was consistent with the deceleration in activity for services providers (51.9 vs 54.2 in August) and a deeper contraction for factories (46.2 vs 47). New work at the aggregate inched higher amid subdued export sales from the US and EU, as firms reported a lack of willingness-to-spend by clients, driving firms to depend on backlogs to sustain output. In the meantime, cost burdens rose sharply in the period due to wage pressures that have risen on more contributions to National Insurance, driving firms to increase their prices charged. Consequently, employment levels decreased for the 11th straight month. Looking ahead, companies remained optimistic on growth prospects, albeit at a smaller magnitude than last month.