UK Flash Composite PMI (Jan) 47.8 vs. Exp. 49.1 (Prev. 49.0)

“Weaker than expected PMI numbers in January underscore the risk of the UK slipping into recession."
"Industrial disputes, staff shortages, export losses, the rising cost of living and higher interest rates all meant the rate of economic decline gathered pace again at the start of the year."
"Jobs also continued to be lost as firms tightened their belts in the face of these headwinds, though many other firms reported being constrained by an ongoing lack of available labour."
"There were some bright spots in the survey, including improved business expectations for the year ahead and a further cooling of inflationary pressures"