UK PMI services was finalized at 51.4 in October, sharply lower from September’s 56.1. PMI Composite was finalized at 52.1, down from 56.5. That’s also the lowest level for four months.
Tim Moore, Economics Director at IHS Markit: “October data indicates that the UK service sector was close to stalling even before the announcement of lockdown 2 in England… November’s lockdown in England and a worsening COVID-19 situation across the rest of Europe means that the UK economy seems on course for a double-dip recession this winter and a far more challenging path to recovery in 2021.”
