A closely watched survey of private sector activity showed the bleakest outlook for U.K. businesses since July 2016 — which was right after the country voted to leave the European Union.
Why it matters: The Brexit back-and-forth has left businesses in a tailspin amid a softening global economy.
The backdrop: The British economy shrank for the first time since Q2 in 2012. The most recent data shows that the country marginally avoided a recession, with 0.3% GDP growth in Q3.
The big picture: The results push “the PMI further into territory that would normally be associated with the Bank of England adding more stimulus to the economy,” Chris Williamson, an economist at IHS Markit, said in the survey’s press release.
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