UK PMI Manufacturing dropped further from 48.4 to 45.8 in October, a 29-month low. PMI Services dropped from 50.0 to 47.5, a 21-month low. PMI Composite dropped from 49.1 to 47.2, a 21-month low.
Chris Williamson, Chief Business Economist at S&P Global Market Intelligence said: “October’s flash PMI data showed the pace of economic decline gathering momentum after the recent political and financial market upheavals… GDP therefore looks certain to fall in the fourth quarter after a likely third quarter contraction, meaning the UK is in recession…
“The resulting elevated, albeit easing, price pressures look set to drive the Bank of England into further aggressive interest rate hikes. On top of the collapse in political stability, financial market stress and slump in confidence, these higher borrowing costs will add to speculation of a worryingly deep UK recession.”
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