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Updated · Bloomberg · Jun 23UK Economy Shrinks for 2nd Month as June PMI Falls to 49.4, a 14-Month Low
1 articles · Updated · Bloomberg · Jun 23Summary
- 49.4 — S&P Global’s flash UK PMI signaled contraction in June, marking a second straight month of economic shrinkage.
- Below the 50 threshold, the June reading slipped from 49.7 in May and hit its lowest level in 14 months.
- Firms also cut more jobs, adding to signs that weakness is spreading beyond output into the labor market.
Insights
As conflicting data emerges, what is the true state of the UK economy and are we on the brink of recession? Is artificial intelligence accelerating the UK's economic decline by cutting jobs instead of creating new avenues for growth? With global conflicts fueling UK stagflation, are traditional economic tools like interest rate adjustments now completely obsolete?