The UK service sector growth weakened sharply in October as tightening restrictions amid rising Covid-19 infections dampened activity in the hospitality, transport and leisure sectors, final survey data from IHS Markit showed Wednesday. The services Purchasing Managers' Index declined to 51.4 in October from 56.1 in the previous month. But the score was crucially above the 50.0 no-change mark but below the flash 52.3.
November's lockdown in England and a worsening Covid-19 situation across the rest of Europe means that the UK economy seems on course for a double-dip recession this winter and a far more challenging path to recovery in 2021, Tim Moore, economics director at IHS Markit, said.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.