Following the release of our backsliding PMI, yesterday, the UK economy is flashing its own signs of a double dip.
Telegraph: The closely watched manufacturing Purchasing Managers’ Index (PMI) dropped to 49.5 from 49.7 in August. Anything below 50 is a contraction and anything above is an expansion.
It represents a relapse in the sector, after the PMI came in at 50.4 in July indicating a return to growth for the sector for the first time since March 2008. September’s figure was also worse than the 50.2 expected by economists.
Yes, we know it’s one datapoint, but still, anything that smacks of more angry chavs out on the streets with bulldogs is scary.