In Eurozone and UK, PMI data released. Across the economy, recession in the UK waits at the door

In the UK, the November PMI data released, and the UK PMI Manufacturing was unchanged at 46.2. However, below 50 level shows a contraction. Also, services were unchanged from October at 48.8. In other words, services providers raised employment.  Moreover, the UK has tumbled to recession. There are many global factors that influenced this economic downturn, from the pandemic ruins to Europe’s energy crisis, but the UK’s chaotic approach to post-Brexit government and a decade of severity has meant that the country is struggling more than others.

The S&P Global Flash Germany Manufacturing PMI increased to 46.7 in November of 2022 from 45.1 in October, beating market forecasts of 45. Still, the reading pointed to the fifth consecutive month of contracting factory activity, as demand continues to be pressured from high inflation, preliminary estimates showed.