Economic activity in the UK is contracting amid lockdown measures

Economic activity in the UK is contracting amid lockdown measures

Data released by the Markt Corporation today showed that the composite PMI, which combines the industrial and service sectors in the United Kingdom, fell to 40.6 points in January, compared to 50.4 points in December. The decline in economic activity in the United Kingdom came with the measures to shut down the economy for the third time due to the coronavirus pandemic, and the UK manufacturing PMI fell to 52.9 points in January from 57.5 points in December. The services PMI, which represents the bulk of the private sector economy in Britain, declined to 38.8 points in January compared to 49.4 points in December, its lowest level since May, the third consecutive month of contraction.