Data shows a slump in new orders for manufacturers and still-high living costs taking a toll on consumers, raising the prospect the economy could soon enter recession.
Its measures had services output slowing this month but remaining above the bar for expansion while manufacturing was in the red, and at its weakest level since May 2020, as new orders slumped.
The report's findings will, perversely, make for positive reading at the Bank of England as it seeks a slump in demand to help bring inflation down.The so-called secondary effects it is worried about includeThe reasons for that include the granting of wage rises to keep pace with theAdvertisement The Bank, which is widely tipped to raise the base rate of interest by a further 0.25 percentage points next week, has blamed wage rises and evidence of some raised corporate profitability for inflation proving sluggish to bring down.
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