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UK economic downturn worsens in October as service sector records fastest decline in activity since January 2021
October data highlighted a reduction in UK private sector output for the third month running, according to the latest Flash UK PMI® survey compiled by S&P Global and CIPS. Adding to signs of weakening underlying demand, new orders decreased at the sharpest pace since January 2021. This was often attributed to a considerable downturn in business and consumer confidence in recent months. UK private sector firms also indicated a steep fall in business expectations for the year ahead, with optimism the lowest since April 2020. Intense inflationary pressures, escalating political uncertainty and rising interest rates were ... (full story)
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