The United Kingdom's November PMI "douses cold water" as the private sector stagnates after budget tax increases.
S&P Global reported that the united kingdom's composite PMI for November plummeted to 49.9 from last month's 51.8, slightly below the threshold of 50, and far below economists' expectations of 51.7.
Express News | PMI data shows that the private sector in the United Kingdom has seen growth stagnate, with companies clearly expressing opposition to the budget proposal.
According to 'The Economist', the preliminary value of the UK's composite PMI for November has fallen to 49.9, re-entering contraction and reaching a 13-month low.
According to s&p global, after seasonal adjustment, the preliminary value of the HCOB manufacturing PMI for the united kingdom in November decreased from 49.9 to 48.6, reaching a nine-month low, and falling short of market expectations of 50.0. The preliminary value of manufacturing output dropped from 50.3 to 49.3, also a nine-month low. In the same month, the preliminary value of the services PMI for the united kingdom decreased from 52 to 50, hitting a 13-month low and missing market expectations of 52.0. The preliminary value of the composite PMI for the united kingdom fell from 51.8 to 49.9, marking a 13-month low and entering a contraction range, thereby ending a continuous expansion of 12 months, falling short of market expectations of 51.7. Due to weak business confidence, new orders decreased.
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