UK PMI figures for September point to a contraction

S&P Global/CIPS reported that the UK economy slumped further in September as it struggles with rising costs and faltering demand.

The Purchasing Managers’ Index (PMI) fell from 49.6 in August to 48.4 in September, the lowest level since January last year.

A PMI reading below 50 indicates a decline in economic activity.

Meanwhile, the services PMI fell to 49.2 in September from 50.9 in August, the lowest level since January 2021.

The manufacturing PMI rose to 48.5 in September from 47.3 in August.

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