{"id":1654249,"date":"2022-09-23T05:05:36","date_gmt":"2022-09-23T09:05:36","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1654249"},"modified":"2022-09-23T05:06:23","modified_gmt":"2022-09-23T09:06:23","slug":"uk-downturn-deepens-raising-recession-risk-flash-pmi","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/uk-downturn-deepens-raising-recession-risk-flash-pmi\/","title":{"rendered":"UK downturn deepens, raising recession risk -flash PMI"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">16<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fuk-downturn-deepens-raising-recession-risk-flash-pmi%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1654249&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>LONDON (Reuters) \u2013     The downturn in British businesses steepened this month as they battled soaring costs and faltering demand, according to a survey on Friday that hammered home the rising risk of recession.<\/p>\n<p>Released just as finance minister Kwasi Kwarteng was due to flesh out the economic agenda of new Prime Minister Liz Truss,  the S&#038;P Global\/CIPS flash Composite Purchasing Managers\u2019 Index (PMI) fell to 48.4 from 49.6 in August.<\/p>\n<div id=\"div-gpt-ad-1663871513696-art-1\">\n<\/div>\n<p>It marked the lowest reading since the COVID-19 lockdown of January last year. A Reuters poll of economists had pointed to a reading of 49.0. Any reading below 50 marks a contraction in activity.<\/p>\n<p>The PMI is likely to raise new questions about the health of Britain\u2019s economy, after consumer confidence fell this month to the lowest level since records began in 1974, according to a survey published earlier on Friday.<\/p>\n<p>\u201cUK economic woes deepened in September as falling business activity indicates that the economy is likely in recession,\u201d said Chris Williamson, chief business economist at S&#038;P Global.<\/p>\n<p>He said the survey\u2019s forward-looking gauges suggested worse is to come in the final months of 2022.<\/p>\n<p>Kwarteng will give more detail about the government\u2019s fiscal plans, which may amount to more than 150 billion pounds  ($169.02 billion) of stimulus \u2013 something that could put a floor under declining business confidence.<\/p>\n<p>The PMI\u2019s gauge of future output fell to its lowest since May 2020, when Britain was in the grip of its first COVID-19 lockdown.<\/p>\n<p>Activity contracted in both the manufacturing and services industries.<\/p>\n<p>The PMI for the services sector fell to 49.2 in September from 50.9 in August, the weakest reading since January 2021.<\/p>\n<p>While the manufacturing PMI rose to 48.5 from 47.3, much of the improvement reflected a worsening supply chain performance, which in normal times reflects shortages due to strong demand but not this time.<\/p>\n<p>\u201cFirms often mentioned reducing output volumes due to weaker intakes of new business, though there were also reports that input shortages, particularly electronics, had constrained production at some units,\u201d S&#038;P Global said.<\/p>\n<p>Despite the pound falling to 37-year lows against the dollar, export orders contracted in both the manufacturing and service sectors, S&#038;P Global said.<\/p>\n<p>($1 = 0.8875 pounds)<\/p>\n<p> (Reporting by Andy Bruce; Editing by Susan Fenton)<\/p>\n<p><a href=\"https:\/\/www.oann.com\/uncategorized\/uk-downturn-deepens-raising\/attachment\/file-photo-the-city-of-london-financial-district-seen-from\/\"><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/09\/tagreuters.com2022binary_LYNXMPEI8M08N-BASEIMAGE.jpg\" alt=\"tagreuters.com2022binary_LYNXMPEI8M08N-BASEIMAGE\" \/><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>LONDON (Reuters) \u2013 The downturn in British businesses steepened this month as they battled soaring costs and faltering demand, according to a survey on Friday that hammered home the rising<\/p>\n","protected":false},"author":66,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1654249","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1654249","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/66"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1654249"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1654249\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1654249"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1654249"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1654249"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}