As I understand it
from this very thread the PMIs are worthless now. Markit are rigging them apparently to get the answers they want.
What this is showing is how dynamic the forecasts are, and how much think tanks are covering their backsides as we are in the unknown in a big way.
Quote:
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Chris Williamson, Markit's chief economist, said the service sector data taken together with the construction and manufacturing data pointed to the UK economy shrinking by 0.4% in three months to September, a fall not seen since early 2009, when the Bank last cut interest rates.
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While the NIESR predicted:
Quote:
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GDP is likely to decline by 0.2 per cent in the third quarter of this year and there is a risk of a further deterioration.
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Hopefully the PMIs pick up for the rest of the quarter. For all the nonsense being peddled that drop will cause an increase in unemployment and will affect real people.
EDIT: I remember the forecast drop being 0.1% for 4 quarters than growth. All 0.4% in one quarter will hurt quite a bit more
