The UK service sector growth weakened in August as Brexit-related worries curbed spending, raising the likelihood of the economy entering a recession in the third quarter, data from IHS Markit revealed Wednesday.
The IHS Markit/Chartered Institute of Procurement & Supply Purchasing Managers' Index fell more-than-expected to 50.6 in August from 51.4 in July. The reading was forecast to drop to 51.0.
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May 22, 2026 14:46 ET Minutes of the latest Fed policy session was the highlight of the week along with survey data on the U.S. housing market. In Europe, survey data signaled the trends in the euro area private sector. Further, consumer price inflation data from the U.K. was in focus. In Asia, various economic indicators from China drew attention to the health of the economy.