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Steve's Gadget Blog
UK economy “on its way into recession”: chief economist
October 03, 2008
A senior economist has said that there is, “Little doubt... the economy contracted in the third quarter and is on its way into recession”.
The news comes as Britain’s services sector, which accounts for about three quarters of the country's economy, shrunk at the fastest rate since 1996...[click continue reading for more on this entry]...
The services sector has been closely monitored by the Chartered Institute for Purchasing and Supply since 1996. The latest result, for the month of September, was a score of 46. Anything less than 50 represents contraction, and a month earlier the score was 49.2.
It was the fifth month in a row that the sector has shrunk.
"The sharp decline in service sector activity in September leaves little doubt that the economy contracted in the third quarter and is on its way into recession," said Howard Archer, chief UK economist at Global Insight.
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