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READ MOREUK economy set to shrink in Q4 after November services weakness - PMI
Britain's services sector shrank slightly for a second month running in November, as cost-of-living pressures for households and businesses' uncertainty about the economic outlook squeezed demand, a survey showed on Monday.
The S&P Global/CIPS purchasing managers' index (PMI) for the services sector held at 48.2 last month, matching October's 21-month low and an earlier 'flash' estimate for November.
Combined with last week's manufacturing PMI, the data pointed to Britain's economy shrinking at a quarterly pace of 0.4%, S&P Global economist Chris Williamson said.
"This is the toughest spell the UK economy has faced since the global financial crisis excluding only the height of the pandemic," he said.
The composite PMI, which combines services and manufacturing, held at 48.2, its lowest since January 2021 when Britain was in a COVID-19 lockdown.
Read more at Reuters
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