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UK: Five charts show the growing economic challenge
The UK’s economic recovery from Covid-19 is faltering. That’s the core message from the latest purchasing managers’ index, which while technically still above the breakeven 50-level for both manufacturing and services, show early signs of moderation. Admittedly the PMIs are probably not the best gauge of activity at the moment - the nature of the diffusion indicators means they don’t necessarily tell us accurately how rapidly growth is slowing at turning points in the economic story, only that more businesses are reporting issues. Nevertheless, the IHS Markit/Cips press release that accompanies the data ... (full story)