That's down from 52.0 in November, although it remains above the boom-or-bust line of 50 that separates expansion from contraction.

The survey also showed that the manufacturing index improved to 49.7 from 48.7 in November, while the services PMI fell to 52.5 from 53.2.

Data split by sector indicated that a slightly quicker, but still marginal, decline in manufacturing output and a slower increase in services activity weighed on the headline index reading in December. New orders also expanded at the composite level at the end of 2025, following a two-month period of decline. Though only slight, the rate of growth was the best recorded since August.

This was driven by firmer demand across the service sector, where new business increased at a fractionally quicker pace. The downturn in manufacturing sales did ease, however, with demand for goods falling at the slowest rate in a year and a half. Composite new export orders meanwhile declined again, which reflected a solid reduction in external demand for manufactured goods, as service providers registered a fractional improvement in overseas sales.

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