UK private sector hiring is experiencing its steepest decline since the global financial crisis, fueled by rising employment costs linked to increased business taxes.
The latest PMI data suggests the UK economy may contract by 0.3% in the last months of 2024, raising concerns about a potential recession.
Certain analysts argue that the PMI figures may overstate concerns, attributing fluctuating sentiment to government budget impacts rather than true economic downturn.
Despite challenges, the services PMI showed an encouraging rise to 51.4, suggesting recovery in the UK's largest sector and offering some hope amid economic uncertainty.
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