UK's composite PMI continues to fall in September
The United Kingdom Flash PMI Composite Output Index landed at 46.8 in September, down further from August´s 48.6, S&P Global and Chartered Institute of Procurement & Supply (CIPS) revealed in their preliminary report on Friday. The figure indicates the fastest output slowdown since January 2021.
Flash Services PMI Business Activity Index also declined, falling from August's 49.5 to 47.2 in September. On the other hand, Flash Manufacturing PMI increased to a 2-month high, coming in at 44.2.
"The disappointing PMI survey results for September mean a recession is looking increasingly likely in the UK," Chief Business Economist at S&P Global Market Intelligence Chris Williamson commented. "“Underscoring the severity of the UK's deteriorating situation, September's downturn is the steepest since the height of the global financial crisis in early 2009 barring only the pandemic lockdown months," he added.