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UK PMI data at record low; economy heading towards recession

UK PMI data at record low; economy heading towards recession

UK Services businesses, which make up four fifths of the economy, reported a significant decline in activity in Apr as the country locked down. The IHS Markit Purchasing Managers Index (PMI) dropped to 13.4 with anything below 50 indicating that the sector is shrinking. The PMI was at 34.5 in Mar, already at record low compared to 2008 financial crisis, where in the survey fell to 40.1.

Milan
Milan
TheWeakMinded
TheWeakMinded 5 months

Wait, the economy is collapsing when a large portion of it is forced closed? Color me shocked :O

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