‘Recession increasingly likely’ as business output drops at fastest pace since January 2021

A steep downturn in services saw economic activity contract at its fastest pace since the beginning of 2021 raising the risk of a recession, a closely watched survey suggested. S&P Global’s Purchasing Managers’ Index (PMI) for the UK economy came in at 46.8 – far below the 50 reading which indicates flat growth. The PMI [...]