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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May 01, 2026 15:54 ET Central banks dominated the economics news flow this week with almost all major ones announcing their latest policy decisions and many boosted expectations for a rate hike in June. In other news, several countries released the preliminary data for first quarter economic growth. In the U.S., comments by Fed Chair Jerome Powell were also in focus as his term ends this month.