A closely-followed economic survey recorded the first monthly decline since January as firms said they were impacted by higher interest rates.
The figure was significantly below expectations, following a consensus among economists of a 50.3 reading for the month.Experts warned that the data could show an increased risk of recession due to efforts to tackle rampant inflation by increasing interest rates.
“A renewed contraction of the economy already looks inevitable, as an increasingly severe manufacturing downturn is accompanied by a further faltering of the service sector’s spring revival.A technical recession is typically defined as two consecutive quarters of decline.The services industry had been a particular driver of growth in recent months but reported its joint-fastest slump in output for 31 months.
Across all industries, new orders fell for the second consecutive month as surveyed firms “cited a reluctance to spend among clients in the wake of higher interest rates and stretched disposable household incomes”. “High interest rates are starting to have their intended effect of dampening demand and reducing inflationary pressures, leading to moderated input costs and reduced raw material prices for manufacturers.”
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