Private sector growth after exports surge

GROWTH in the UK's private sector has gained further momentum this month, as manufacturers were boosted by the biggest surge in export orders since 2021, a new survey shows.

- By ANNA WISE

But job losses continued for the 17th month in a row - led by a sharp reduction among firms in the services sector.The S&P Global flash UK composite purchasing managers' index (PMI), which is watched closely by economists, recorded a reading of 53.9 for February, up from 53.7 in January.

The flash figures are based on preliminary data. Any score above 50.0 indicates that activity is growing, while any score below means it is contracting.

February's figure signals the fastest rise in private sector activity since April 2024.

Activity was bolstered during the month thanks to an upturn in the amount of new work received by businesses, the survey found.