According to PMI, the UK ‘may already be in a recession’

According to PMI, the UK ‘may already be in a recession’

UK economic activity contracted in September at a rate not seen since January 2021, in the middle of this year CloseIt is possible that the country already exists Recessionaccording to him Composite PMI Flash Indicator From S&P Global and CIPS.

“Economic difficulties in the UK worsened in September, as lower business activity indicates that the economy is likely to be in a recession,” Chris Williamson, an economist at Standard & Poor’s Global, said in a statement on Friday.

The index, which is considered a measure of growth and based on business surveys, stood at 48.4 in September. When it is below 50, it reflects a contraction in activity, which actually occurred in August (49.6).

Williamson said the rising cost of living linked to the energy crisis and growing concerns about the outlook were hampering demand and affecting production at rates not seen since 2009.

The Bank of England He also estimated on Thursday that the British economy will be in recession from the third quarter, which will not be confirmed until the release of expected figures in November.

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