Britain's services businesses suffered a loss of momentum for a third month in a row in October, adding to signs the economy is making a weak finish to 2023 as high interest rates and cost of living pressures weigh on demand.
A general view of the financial district of London is seen in London, Britain, October 19, 2016. REUTERS/Hannah McKay/File photoLONDON, Nov 3 -
October's final reading was slightly higher than a preliminary or "flash" reading of 49.2 released last week. "Forward-looking survey indicators suggested that service providers will continue to skirt with recession," Tim Moore, economics director at S&P Global, said. New orders fell at their fastest pace this year, reflecting weak domestic demand, although overseas orders from the United States and the Middle East were strong.interest rates at a 15-year high of 5.25% on Thursday and pushed back against suggestions that it would cut rates any time soon, despite forecasting zero growth in 2024, down from its expectations three months ago.
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