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UK economy arrests decline but recession still coming

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City AM

By Jack Barnett The UK economy has arrested a decline, but it still looks likely to tip into a long recession, a closely watched survey out today has unveiled. S&P Global and the Chartered Institute of Procurement and Supply’s (CIPS) flash purchasing managers’ index (PMI) for November inched up to 48.3 points from 48.2 in October. It is the first time the PMI has risen for months. The reading was far above the City’s consensus forecast of 47.5 points. UK PMI inched higher in NovemberThe small rise was driven by businesses clearing backlogs of work that swelled due to worker and input shortages…

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