Brexit delay hits UK economy, service sector stagnates
LONDON - Britain’s economy got off to a weak start to the final quarter of 2019, according to surveys which showed the giant services sector stagnated last month, with concerns about Brexit depressing new orders, while consumers stayed cautious.
The IHS Markit services Purchasing Managers’ Index edged up to 50.0 — which represents zero growth — from 49.5 in September, which was one of the lowest readings since Britain was last in recession in 2009. October’s PMI readings on their own were consistent with a 0.1% quarterly fall in overall economic output, Markit said.
British consumer spending has been more resilient than business investment, but surveys on Tuesday showed a slowdown here too. A brighter note came from a survey by HSBC which, in contrast to most others, showed businesses were cheerier about export prospects than a year ago.Businesses have struggled to plan around deadlines for leaving the EU that have changed three times this year, leading to volatility in official figures that has not always been tracked by the PMI.
But the overall picture is muted, with Morgan Stanley — one of the gloomier forecasters — predicting growth of just 0.2% in the third quarter and stagnation in the fourth.
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