Sign of contraction in the manufacturing and services sectors in the UK in September

The services and manufacturing sectors in the UK showed contraction in September this year.

The S&P Global/CIPS statement highlighted that the Purchasing Managers’ Index (PMI) data for the services sector in the country fell to the lowest level in the last 32 months with 47.2. The previous month (August), the PMI data for the services sector in the country was 49.5.

The statement noted that the country’s manufacturing PMI data decreased to 44.2 in September this year. In the previous month (August), the data was at 43 levels.

THE DATA ARE DISAPPOINTING, RECESSION IS POSSIBLE

In PMI data, a level above 50 is interpreted as sector growth and below this level is interpreted as sector contraction.

“Disappointing September PMI data means a UK recession looks increasingly likely,” said Chris Williamson, head of global market research at S&P, whose assessments were included in the statement. saying.

In the statement issued yesterday by the Bank of England it was announced that it was decided to keep the country’s official interest rate constant at 5.25 percent. (AA)