The UK private sector entered the contraction territory in August ending a six-month period of expansion as sluggish domestic economic conditions as well as higher interest rates damped demand, a closely watched survey showed Wednesday.
The flash S&P Global/Chartered Institute of Procurement & Supply composite output index slipped to a 31-month low of 47.9 in August from 50.8 in the previous month, the purchasing managers' survey showed. The reading was seen at 50.3.
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by Renju Jaya
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