---
source: S&P Global
url: https://www.pmi.spglobal.com/Public/Home/PressRelease/4a046456eab6413094b375ae22fa9650
document_type: pdf
date_retrieved: 2026-04-23T08:50:00Z
period: April 2026
parent_publication: Flash UK PMI
indicators_covered: [Composite PMI, Services PMI, Manufacturing PMI]
---

# S&P Global Flash UK PMI, April 2026

**Release Date:** 23 April 2026 (Embargoed until 09:30 BST / 08:30 UTC)  
**Data Collection Period:** 9–21 April 2026

## Headline Indices

| Index | April 2026 | March 2026 |
|-------|------------|------------|
| Composite PMI (Output) | 52.0 | 50.3 |
| Services PMI (Business Activity) | 52.0 | 50.5 |
| Manufacturing Output Index | 51.8 | 49.2 |
| Manufacturing PMI | 53.6 | 51.0 |

## Commentary

*By Chris Williamson, Chief Business Economist at S&P Global Market Intelligence*

> “The UK economy has gathered some renewed momentum in April after the initial impact of the war in the Middle East caused growth to stall in March, but the upturn comes with a catch. The improved rate of expansion is in part a reflection of a short-term boost from a rush to secure purchases ahead of feared price rises and supply shortages linked to the war.
>
> Prices have spiked higher at a rate not previously seen by the survey outside of the pandemic, suggesting inflation could rise more than many forecasters have been anticipating. Prices are rising not just because of surging energy costs, but also due to increases in charges levied for a wide variety of goods and services, with price hikes often stoked by supply concerns. The number of supply delays reported has jumped to the highest on record if the pandemic is excluded.
>
> Business confidence and employment have also been dragged lower by the ongoing conflict, boding ill for growth to weaken in the coming months just as price pressures intensify.
>
> The survey highlights the difficult choices facing policymakers at the Bank of England. The spike in price pressures will add to calls for rate hikes to dampen inflation, but the Bank will need to carefully assess the degree to which economic growth might weaken. While April’s PMI is indicative of the economy rebounding from a flat picture in March to a 0.2% quarterly growth rate, the details of the survey hint strongly that this pace cannot be sustained should the crisis persist.”

April data indicated that business activity growth regained momentum across the UK private sector economy, after hitting a six-month low during March. This was supported by moderate upturns in both manufacturing production and service sector output.

However, input cost inflation continued to accelerate sharply and was the highest since November 2022. This was led by a rapid increase in raw material prices in the manufacturing sector. Service providers also experienced a surge in cost pressures, largely due to higher fuel prices. The acceleration in service sector cost inflation since March was the greatest for a single month since this index began in July 1996.

The headline seasonally adjusted S&P Global Flash UK PMI® Composite Output Index posted 52.0 in April, up from 50.3 in March, to signal a moderate expansion of UK private sector business activity. Higher levels of output have been recorded in each of the past 12 months and the latest expansion was slightly stronger than the average over this period.

Manufacturing production returned to growth in April, following a marginal decline in the previous month. A number of firms suggested that customers had brought forward orders and sought to build safety stocks in the expectation of rising prices and supply constraints. That said, there were also some reports that raw material shortages and international shipping disruptions had weighed on production volumes in April.

The rate of business activity expansion in the service economy picked up from March's 11-month low, but remained much weaker than at the start of 2026. Anecdotal evidence often cited growth tailwinds from technology investments, new marketing initiatives, and long-term business development plans. However, many firms noted business challenges arising from the war in the Middle East. Higher transportation costs, alongside weaker business and consumer confidence were widely reported as constraints on customer demand.

Total new orders stabilised in April, with moderate growth in the manufacturing sector helping to offset a marginal reduction in the service economy. Goods producers noted that advanced purchasing among clients due to supply concerns and rising raw material prices had provided a temporary uplift to order books. There were some reports of rising workloads due to data centre demand and higher defence spending in key export markets. Service providers meanwhile mainly reported fragile demand conditions due to rising global business uncertainty, higher inflationary pressures and elevated borrowing costs.

Private sector employment numbers decreased for the nineteenth month running in April. That said, the rate of job shedding was the slowest since October 2025. Lower payroll numbers partly reflected a lack of pressure on business capacity, as signalled by the sharpest decline in backlogs of work for five months. Manufacturers bucked the overall trend, with staffing levels increasing for the first time since October 2024.

April data signalled the fastest rise in average cost burdens across the private sector economy for nearly three-and-a-half years. Manufacturers again recorded a particularly steep increase in their input prices, linked to escalating raw material and transportation bills. Around 69% of the survey panel reported a rise in their purchasing costs in April, compared to less than 1% that indicated a decline.

Anecdotal evidence overwhelmingly cited greater fuel costs in April, alongside strong wage pressures. Efforts to pass on higher input costs led to another marked increase in prices charged by private sector firms in April. The rate of inflation was the highest since February 2023, reflecting sharp rises in output charges in both the manufacturing and service sectors.

Manufacturers recorded a sharp lengthening of average lead times among suppliers in April, with the downturn in vendor performance the steepest since June 2022. Many goods producers noted safety stock building efforts in response to concerns about global supply chain disruptions, which contributed to a renewed rise in input buying in April.

Finally, business optimism at UK private sector firms fell to its second-weakest since December 2022 (a low point only exceeded by the US tariffs-related slump in confidence seen last April). Survey respondents mainly suggested that rising price pressures had dampened their business activity expectations for the year ahead. Worries about the impact of geopolitical tensions on supply chains, consumer confidence and business investment were also widely reported in April.

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**Contact** (from release):
- Tim Moore, Economics Director, S&P Global Market Intelligence: tim.moore@spglobal.com, +44 1491 461067
- Hannah Brook, EMEA Corporate Communications, S&P Global Market Intelligence: hannah.brook@spglobal.com, +44-7483-439-812

**Source:** S&P Global Market Intelligence
**Document URL:** https://www.pmi.spglobal.com/Public/Home/PressRelease/4a046456eab6413094b375ae22fa9650