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Drop in business activity flags UK recession risk - flash PMI

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Nederland Laatste Nieuws,Nederland Headlines

British private-sector economic activity fell at its fastest rate in two years in January, a survey showed on Tuesday, as businesses blamed higher Bank of England interest rates, strikes and weak consumer demand for the slowdown.

The S&P Global/CIPS flash composite Purchasing Managers' Index dropped to 47.8 from 49.0 in December, at the bottom end of economists' forecasts in a Reuters poll and the lowest since January 2021. Readings below 50 indicate falling output."Weaker-than-expected PMI numbers in January underscore the risk of the UK slipping into recession," S&P Global's Chief Business Economist, Chris Williamson, said.

However, a widely expected fall in output this year will weigh on the BoE's Monetary Policy Committee as it considers how much further to raise interest rates on Feb. 2. Finance minister Jeremy Hunt is under pressure to announce pro-growth measures in a March 15 budget statement but data published earlier on Tuesday showed anEconomists said Britain's economy was losing momentum while its peers in the European Union seemed to be gathering pace.

Tuesday's PMI data showed that prices charged by businesses rose at the slowest rate since August 2021, although the increase was still steep by historic standards.

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It's not a risk. It's a fact.

Britain is a 3rd world nonentity Torydom. All 3 credit rating agencies have UK in NEGATIVE MINUS territory - 5 1/4's of zero growth predicted. Stagflation now. National Debt bigger than GDP. Tories party of FISCAL RESPONSIBILITY a MYTH.

Nederland Laatste Nieuws, Nederland Headlines

Similar News:Je kunt ook nieuwsberichten lezen die vergelijkbaar zijn met deze die we uit andere nieuwsbronnen hebben verzameld.

Euro zone business activity back to growth in January -PMIEuro zone business activity made a surprise return to modest growth in January, adding to signs the downturn in the bloc may not be as deep as feared and that the currency union may escape recession, a survey showed.
Bron: Reuters - 🏆 2. / 97 Lees verder »