India Business News: NEW DELHI: Activity in the country's manufacturing sector rose to a three-month high in August as new orders and output increased at the quickest rate.
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economic activity in august, as higher interest rates hit demand. for the first time this year, uk pmi figures fell below the benchmark 50, which indicates a contraction. last month s purchasing managers index, a measure of the health of the economy, was 10.9. the figure was well below the 50.3 economists had forecast. faltering activity in the uk was mirrored in the eurozone, where the index fell to a 33 month low of a7. both figures will be looked closely by bank of england and ecb policymakers ahead of their next interest rate decisions. chris williamson from s&p global told me britain is likely to head into a downturn. the figures are consistent with the economy contracting midway through the third quarter. we ve seen a nice growth resumption in the spring after the problems of last autumn with the truss budget and so forth,
last month s purchasing managers index a measure of the health of the economy was 10.9. the figure was well below the 50.3 economists had forecast. faltering activity in the uk was mirrored in the eurozone, where the index fell to a 33 month low of a7. both figures will be closely monitored by bank of england and ecb policymakers ahead of their next interest rate decisions. joining me now is chris williamson, chief business economist at s&p global market intelligence. s&p global is the company behind the pmi data. good to see you. does this mean the uk is heading into a recession? mat uk is heading into a recession? not a recession uk is heading into a recession? iirrt a recession yet, but certainly a downturn. the figures are consistent with the economy contracting midway through the third quarter. we have seenin through the third quarter. we have seen in ice growth the spring after the problems of last autumn with the trust budgets and so forth, but