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MarketWatch MarketPulseNov 22, 2019
U.K. service PMI falls in November to worst reading in 40 months
The flash reading of the IHS Markit/CIPS flash U.K. services purchasing managers index fell to a 40-month low in November of 48.6, from 50 in October. The manufacturing PMI meanwhile slipped to a two-month low of 48.3 versus 49.6 in October. "The weak survey data puts the economy on course for a 0.2% drop in GDP in the fourth quarter, and also pushes the PMI further into territory that would normally be associated with the Bank of England adding more stimulus to the economy," said Chris Williamson, chief business economist at IHS Markit. "While Brexit issues such as stock-building and car factory closures have led to volatile GDP data so far this year, making monetary policymaking especially difficult and encouraging the Bank of England to sit on its hands until the fog clears, the PMI surveys are not only warning that the underlying trend in the economy is deteriorating markedly, but also that the labour market is cooling."

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