S&P Global's flash Composite Purchasing Managers' Index , seen as a good gauge of overall economic health, rose to a four-month high of 48.8 this month from 47.8 in November.But December was the sixth month below the 50 mark separating growth from contraction, the longest streak of a downturn since June 2013.
Higher interest rates coupled with cost-of-living concerns mean demand is likely to weaken further, a view shared by a Reuters poll that showed the economy would contract this quarter and next, meeting the technical definition of recession. Indeed, optimism about future output increased to a four-month high. But declining demand forced firms to reduce headcount at the second-weakest rate since February 2021.
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