What was the UK's private sector growth in February?

The UK's private sector composite purchasing managers' index reached 53.9 in February, indicating the fastest growth since April 2024.

What boosted manufacturing in the UK during February?

Manufacturers experienced a significant surge in export orders in February, the largest increase seen since mid-2021.

Why are job losses continuing in the UK despite economic growth?

Companies are focusing on boosting productivity and cutting costs, leading to job losses for the 17th consecutive month, particularly in the services sector.

Home / Business and Economy / UK Economy Surges: Export Orders Skyrocket!

UK Economy Surges: Export Orders Skyrocket!

20 Feb

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Summary

UK private sector activity grew fastest since April 2024 in February.
Export orders for manufacturers saw the largest surge since mid-2021.
Despite growth, job losses persisted for the 17th consecutive month.

UK Economy Surges: Export Orders Skyrocket!

The UK private sector has shown strengthening momentum, with its composite purchasing managers' index rising to 53.9 in February, the highest since April 2024. This growth was fueled by an increase in new business, with the services sector leading the expansion.

Manufacturers experienced a notable boost from export orders, which saw their most significant increase since mid-2021. This suggests a broader recovery across different economic sectors. Despite this positive demand, companies are prioritizing cost-cutting and productivity improvements.

This focus on efficiency has unfortunately led to continued job losses for the 17th month in a row. The services sector saw a particularly sharp reduction in staff, as firms responded to weaker demand and rising costs by implementing hiring freezes and investing in technology.

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