BRITS reining in spending amid a historic inflation surge has steered the
The figures indicate "the economy is already in recession,"
Weaker consumer and business spending in response to a darkening economic outlook hit both the
Pubs, bars and restaurants and other service providers notched the shallowest increase in activity in 18 months, sending the industry's headline PMI slightly lower to 52.5.
However, manufacturing output slumped to 42.4, pushing its PMI to 46 from 52.1, the biggest monthly fall since the first Covid-19 lockdown in
A reading above 50 points indicates most firms reported growth.
Experts said firms are being spiked by households cutting back to protect their budgets.
The latest PMI indicates the
Living costs are rising faster than wages, likely triggering a future spending slowdown.
(c) 2022 City A.M., source