Economics
U.K. Services Unexpectedly Weaken to Worst Level Since July 2016
- Markit gauge came close to the level indicating contraction
- Index slid to 50.4 in November, well below economist forecasts
Photographer: Simon Dawson/Bloomberg
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Growth in the U.K.’s dominant services industry unexpectedly slowed to the weakest since the aftermath of the Brexit vote and came perilously close to contraction.
IHS Markit’s Purchasing Managers Index for the industry fell to 50.4 last month, well below economists’ forecasts for a reading of 52.5 and just above the key 50 level that indicates expansion.