UK Business Activity Declines to 13-Month Low

Business activity in the United Kingdom has fallen to its lowest point in 13 months, according to S&P Global Market Intelligence. The S&P Global Flash UK PMI composite output index, which measures private sector manufacturing and services, dropped to 48.5 in May. This decline is attributed to a "perfect storm" of economic factors, including the ongoing Middle East conflict, which is impacting business confidence and operational output across the nation. The figures suggest a significant slowdown in economic momentum for the UK.