The UK service sector contracted the most since January largely due to subdued demand and cutbacks to non-essential spending among clients, final survey results published by S&P Global revealed on Wednesday.
The Chartered Institute of Procurement & Supply final services Purchasing Managers' Index posted 49.3 in September, down from 49.5 in August. The score remained below the neutral 50.0 threshold for the second month in a row but it was above the flash reading of 47.2.
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Business News
May 15, 2026 15:25 ET Apart from the confirmation of Kevin Warsh as the next Fed chair, the main news on the economics front this week included key price data from the U.S. and the first quarter economic growth figures from major economies. Both consumer prices and producer costs have started to reflect the effect of supply shocks due to the Middle East conflict. In Europe, GDP data was in focus, while inflation data from China dominated the news flow in Asia.