UK PMI composite dropped to 12.9, indicates quarterly GDP contraction of -7%, maybe even more

<p>UK PMI Manufacturing dropped to 32.9 in April, down from 47.8. PMI Services dropped to 12.3, down from 34.5. PMI Composite dropped to 12.9, down from 36.0. All are record lows. Chris Williamson, Chief Business Economist at IHS Markit, said: “Simple historical comparisons of the PMI with GDP indicate that the April survey reading is […]</p>
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