British private sector output dropped in September, prompting firms to decrease staff, S&P Global said in a statement.
As output fell in September, companies in UK's private sector have been downsizing their staff at the fastest rate since the global financial crisis, according to data published by S&P Global.
The S&P Global Composite Purchasing Managers' index for the UK slipped to 46.8, down from 48.6 in August, and reached a 32-month low. The reading was well below the 50-mark, which separates growth from contraction, and lower than economists expected, S&P said.
Chris Williamson, chief business economist at S&P Global Market Intelligence, warned investors of the risks and opportunities of a global stock market.
S&P said the British jobs market is experiencing an 'abrupt turnaround,' prompting companies to shed staff at the fastest rate since the 2008 global financial crisis, excluding the pandemic.
Williamson said he's confident that the state will continue to improve its economy, adding: ''It's a big improvement,'' he said.
The UK's private sector business activity in the UK fell at the fastest rate since March 2009, when the cost-of-living crisis and surging borrowing costs dented demand, S&P said.