12/5/2022, 10:31 AM (Source: TeleTrader)
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UK's services PMI unchanged in November

United Kingdom's Services PMI Business Activity Index remained unchanged at 48.8 in November in comparison to October, S&P Global and the Chartered Institute of Purchasing & Supply (CIPS) announced in a report on Monday. The figure proceeded to be in the contraction territory, under the neutral 50.

In addition, the Composite PMI reading also stayed unchanged at 48.2 in November when compared to the month prior. While service activity fell "modestly," manufacturing output slipped "at a slightly faster, and thereby, elevated pace," the report noted.

"A further economic contraction signalled by the PMI surveys hints at a growing recession risk for the UK. A change of government and its new economic policies may have helped arrest some of the financial market volatility after September’s 'mini-budget' but the economic picture remains stubbornly unchanged," Chief Business Economist at S&P Global Market Intelligence Chirs Williamson stated.

Baha Breaking News (BBN) / AY