The UK economy contracted the most since the global financial crisis as measures adopted to reduce the transmission of the coronavirus took a toll on overall activity, data from Office for National Statistics revealed on Wednesday.Gross domestic product fell 2 percent sequentially in the first quarter, which was the largest decline since the fourth quarter of 2008. Economists had forecast a bigger...
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Business News
May 08, 2026 15:50 ET Manufacturing and services sector survey results and labor market data from main economies were the highlight on the economics news front this week. Factory orders and jobs report dominated the news flow in the U.S. Similarly, industrial production data from German garnered attention in Europe. In Asia, purchasing managers’ survey results from China and the central bank decision from Australia were in focus.