Survey indicates UK on track for recession within months
Britain’s economy looks to be on track for its first recession since the financial crisis, as growth in the important services sector slows.
The closely watched IHS Markit/CIPS UK Services Purchasing Managers’ Index (PMI) fell to 50.6 in August.
Anything above 50 indicates growth, but the latest reading is a drop from July’s 51.4.
The survey also revealed that business optimism is at its lowest level for more than three years.
Last month, it was revealed that GDP contracted by 0.2% in the second quarter.
If it were to shrink again in the third quarter, the UK would officially be in a recession.
Via Sky News
