Why June's gloomy CIPs data is stoking fears of a 'w-shaped' recession

You鈥檇 be forgiven for thinking that the latest CIPs/Markit Purchasing Managers鈥� Index (PMI) would provide a better read than June鈥檚 figures. After seeing the rate of contraction ease consecutively for four months, the PMI took a turn for the worse fuelling speculation of a 鈥榳-shaped鈥� recession.

Coming in with a reading of 44.5, the Purchasing Managers Index was down slightly from May鈥檚 thirteen-month high of 45.9 as the UK construction sector goes into its sixteenth month of decline.

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