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UK economy is contracting at a slow pace

UK economy is contracting at a slow pace | 19 December 2022

19 December 2022, GBP/USD

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The downturn across most British businesses eased slightly this month but manufacturers struggled and the economy is still likely to contract this quarter, marking a recession, a fresh survey showed. The UK S&P Global Composite Purchasing Managers' Index rose unexpectedly to 49.0 from 48.2 in November, although it remained below the 50 thresholds for growth. A Reuters poll of economists had pointed to a slight fall to 48.0. The survey echoed other signs that the economy is contracting at a slow pace that is not worsening, with price pressures easing further from historically high levels. The releases still point to the UK being in a shallow, but protracted, recession at the end of 2022 and into 2023.

Investment idea: range 1.2135 -1.2235

David Johnson
Analyst of «FreshForex» company
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