- The UK Manufacturing PMI rose to 45.2 in October, above expectations of 45.0.
- The UK services PMI fell to 49.2 in October, a surprise to the downside.
He S&P Global/CIPS UK Seasonally Adjusted Manufacturing Purchasing Managers’ Index (PMI) rose to 45.2 in October compared to the expected 45.0 and 44.3 in September.
For his part, the Preliminary index of business activity in the UK services sector hit its lowest level in nine months at 49.2 in Octobercompared to the final 49.3 in September and the expected 49.5.
Chris Williamson, chief economist at S&P Global Market Intelligence, commented on the preliminary PMI data: “The British economy continued to edge into recession in October, as the rising cost of living, rising interest rates and falling of exports were mainly responsible for a third month of decline in production.
“The overall pace of decline remains modest, pointing to a quarterly GDP decline rate of just 0.1%, but pessimism about the outlook has intensified in the uncertain economic climate, which does not bode well for production in the coming months. A recession, even if it is slight at the moment, cannot be ruled out,” Williamson added.
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
